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The capital balance represents each partner's initial capital inwestment. Therefore, net income or net loss for 2 0 2 2 has not been closed to
The capital balance represents each partner's initial capital inwestment. Therefore, net income or net loss for has not been
closed to the partners' capital accounts.
a
Your answer is correct.
Journalize the entry to record the division of net income for the year under each of the following independent assumptions.
Credit account titles are automatically indented when amount is entered. Do not indent manualhe
Net income is $ Income is shared ::
Net income is $ Niensted and Bolen are given salary allowances of $ and $ respectively. The
remainder is shared equally.
Net income is $ Each partner is allowed interest of on beginning capital balances. Niensted is given a
$ salary allowance. The remainder is shared equally.
b
Prepare a schedule showing the division of net income under assumption above. If an amount reduces the account balance then
enter with a negative sign preceding the number eg or parenthesis eg
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