snow Atcempt mistory

Current Attempt in Progress

McGill and Smyth have capital balances on January $1$ of $$51,000$ and $$41,000,$

respectively. The partnership income$-$sharing agreement provides for $(1)$ annual

salaries of $$15,000$ for McGill and $$16,000$ for Smyth$,(2)$ interest at $10\%$ on

beginning capital balances, and $(3)$ remaining income or loss to be shared $70\%$ by

McGill and $30\%$ by Smyth$.$

$($a$)$

$($b$)$

Journalize the allocation of net income in each of the situations above. $($Credit

account titles are automatically indented when amount is entered. Do not indent

manually. Record entries in the order presented in the previous part.$)$

No$.$ Account Titles and Explanation

Debit

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