Exercise 12-5 Coburn (beginning capital, $60,000) and Webb (beginning capital $9

Question

Exercise 12-5

Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000.

Account Titles and Explanation

Debit

Credit

LINK TO TEXT

Account Titles and Explanation

Debit

Credit

LINK TO TEXT

Account Titles and Explanation

Debit

Credit

LINK TO TEXT

LINK TO TEXT

Exercise 12-5

Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2017, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made drawings of $24,000.

Explanation / Answer

Particulars Amount (in $) Debit Credit Option.(a) Income Summary 80000.00             Coburn, Capital 36000.00             Webb, Capital 44000.00 Option.(b) Income Summary 80000.00             Coburn, Capital 41250.00             Webb, Capital 38750.00 Option.(c) Income Summary 80000.00             Coburn, Capital 41000.00             Webb, Capital 39000.00 Option.(d) Ending Capital Balances             Coburn, Capital 83000.00             Webb, Capital 105000.00

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