.The partnership of Salem and Mona reports net income of 120,000. The partners share equally the income and losses The entry to record the partners' share of net income will include a debit to Mona, Capital for 60,000 credit to Income Summary for 120,000.bO credit to Salem, Capital for 60,000 .c O credit to Mona, Drawing for 60,000 .d O

.The partnership of Salem and Mona reports net income of 120,000. The partners share equally the income and losses The entry to record the partners' share of net income will include a debit to Mona, Capital for 60,000 credit to Income Summary for 120,000.bO credit to Salem, Capital for 60,000 .c O credit to Mona, Drawing for 60,000 .d O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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