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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 12% 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 Income Summary Webb, Capital Coburn, Capital Debit 72000 Credit 36340 35660

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 12% 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 Income Summary Webb, Capital Coburn, Capital Debit 72000 Credit 36340 35660

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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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 12% 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 Income Summary Webb, Capital Coburn, Capital Debit 72000 Credit 36340 35660
Transcribed Image Text: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 12% 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 Income Summary Webb, Capital Coburn, Capital Debit 72000 Credit 36340 35660
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