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Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 38,000 to Coburn and $ 33,000 to Webb, interest of 10% 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

Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 38,000 to Coburn and $ 33,000 to Webb, interest of 10% 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

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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(c) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 38,000 to Coburn and $ 33,000 to Webb, interest of 10% 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
Transcribed Image Text:(c) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 38,000 to Coburn and $ 33,000 to Webb, interest of 10% 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
Current Attempt in Progress Coburn (beginning capital, $ 62,000) and Webb (beginning capital $ 92,000) are partners. During 2022, the partnership earned net income of $73,000, and Coburn made drawings of $ 16,000 while Webb made drawings of $ 24,000.
Transcribed Image Text:Current Attempt in Progress Coburn (beginning capital, $ 62,000) and Webb (beginning capital $ 92,000) are partners. During 2022, the partnership earned net income of $73,000, and Coburn made drawings of $ 16,000 while Webb made drawings of $ 24,000.
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Journal Entry - It is record of every business transaction in day to day life over a particular period whether it is economic or non economic.

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