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- A & B Partnership's 1st year of business - A invests 100,000 B invests 50,000 Agreement on how to split net income is as follows: - A's salary allowance - 40,000 - B's salary allowance - 30,000 - 10% interest on investment - remainder equally - Net Income = 50,000 repare journal entries to allocate net income

- A & B Partnership's 1st year of business - A invests 100,000 B invests 50,000 Agreement on how to split net income is as follows: - A's salary allowance - 40,000 - B's salary allowance - 30,000 - 10% interest on investment - remainder equally - Net Income = 50,000 repare journal entries to allocate net income

FINANCIAL ACCOUNTING
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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am. 76.

- A & B Partnership's 1st year of business - A invests 100,000 50,000 - Agreement on how to split net income is as follows: - A's salary allowance - 40,000 - B's salary allowance - 30,000 - 10% interest on investment - remainder equally - Net Income = 50,000 Prepare journal entries to allocate net income - -B invests
Transcribed Image Text:- A & B Partnership's 1st year of business - A invests 100,000 50,000 - Agreement on how to split net income is as follows: - A's salary allowance - 40,000 - B's salary allowance - 30,000 - 10% interest on investment - remainder equally - Net Income = 50,000 Prepare journal entries to allocate net income - -B invests
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