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URGENT HELP :). and please let me know if part A is correct and help with everything else, there will be part C, D. I
URGENT HELP :). and please let me know if part A is correct and help with everything else, there will be part C, D. I will comment the questions please answers C, D in the comment. thank you
S. Pellah (beginning capital, $79,000) and M. Berry (beginning capital $118,000) are partners. During 2020 the partnership earned net income of $98,000, and Pellah made drawings of $20,000 while Berry made drawings of $32,500. (a) Your answer has been saved. See score details after the due date. Assume the partnership income-sharing agreement calls for income to be divided 40% to Pellah and 60% to Berry. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit 98000 Income Summary Pellah, Capital + Berry, Capital 49880 48120 Assume the partnership income-sharing agreement calls for income to be divided with a salary of $41,600 to Pellah and $35,700 to Berry, with the remainder divided 40% to Pellah and 60% to Berry. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Income Summary 98,000 Pellah, Capital # Berry, Capital + Save for Later Last saved 1 hour ago. Attempts: 0 of 1 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. 49,880 48.120Step by Step Solution
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