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Togna Company had a $14,300 loss for the year ended October 31, 2021. The company is a partnership owned by Lilia and Terry Tognazzini. Salary
Togna Company had a $14,300 loss for the year ended October 31, 2021. The company is a partnership owned by Lilia and Terry Tognazzini. Salary allowances for the partners are Lilia $26,800 and Terry $15,200. Interest allowances are Lilia $5,700 and Terry $8,100. The remainder is shared 75% by Lilia and 25% by Terry. * Your answer is incorrect. Calculate the loss to be allocated to each partner. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Lilia loss allocated to the partners $ 10,725 Terry 3575 Prepare a journal entry to close the Income Summary account. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually.) Account Titles and Explanation Debit T. Tognazzini. Capital L. Tognazzini. Capital Income Summary (To close Income Summary.) Credit
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