lwp 100% @ 4:01 INC PRINTER VERSION BACK LINK TO TEXT Attempts: 3 of 3 used (c)

Question

lwp 100% @ 4:01 INC PRINTER VERSION BACK LINK TO TEXT Attempts: 3 of 3 used (c) Your answer is partially correct. Try agaln. Assume the partnership income-sharing agreement calls for income to be divided with a salary of $39,000 to Coburn and $34,000 to Webb, interest of 11% on beginning capital, and the remainder divided 50%-50%. 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. Account Titles and Explanation Debit Credit Income Summary 71000 Coburn, Capital Webb, Capital 35500 Attempts: 3 of 3 used xYour answer is Incorrect. Try again. Compute the partners' ending capital balances under the assumption in part (c) above. Ending capital Coburn 35800 webb 35200

Explanation / Answer

Journal enttry to record the allocation of Net Income will be:

Working:

Partners ending Capital balance will be:

Date Particulars L.F Amount ($) Amount ($) Dec-31 Income summary 71,000 Coburn capital 35,800 Webb capital 35,200 (For Income divided among partners)

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