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Bookmarks People Window Help Secure https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni rint by: Cullen Lonnborg CC01 ACC 1200 03_1179 1: 2017 Fall Term (1) Fundamentals of Accounting II ACC 1200 03[4055] (Kingsborough CC)/ CH12 HW12.3 EC Problem 12-2A (Part Level Submission) At the end of its first year of operations on December 31, 2017, NBS Company's accounts show the following. Partner Drawingts Capital Art Niensted Greg Bolen Krista Sayler $22,800 ,600 11,600 $48,900 37,000 23,000 The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2017 has not been ed dlosed to the partners' capital accounts. al s bournalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions. e c (Credit account titles are automatically indented when amount is entered. Do not indent manually.) as (2) Net incoa 41, 00. insted and bolen are given saiany alowances of $15,000 and s10,900, respectivetly. The remainder is shared equally Net income is s 18.400. Each partner is allowed interest of 10% on beginning capital balances. Niersted is even $13,510 salary allowance. The remainder is shared equally (3) et ince No. Account Titles and Explanation Debit MacBook Air 5 8 9

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JOURNAL ENTRIES:

Debit Credit 1 Income summary 31,300 A. Niensted Capital 18,780 G. Bolen Capital 9,390 K. Sayler Capital 3,130 2 Income summary 41,800 A. Niensted Capital 20,300 G. Bolen Capital 16,200 K. Sayler Capital 5,300 3 Income summary 18,400 A. Niensted Capital 16,400 G. Bolen Capital 1,700 K. Sayler Capital 300

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