(b) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 34,000 to Coburn and $ 25,000 to Webb, with the remainder divided 40% to Coburn and 60% to Webb. 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
(b) Assume the partnership income-sharing agreement calls for income to be divided with a salary of $ 34,000 to Coburn and $ 25,000 to Webb, with the remainder divided 40% to Coburn and 60% to Webb. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Solve problems (a) and (b) completely please
Transcribed Image Text: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.
(a)
Assume the partnership income-sharing agreement calls for income to be divided 40% to Coburn and 60% to Webb. 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:(b).
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $34,000 to Coburn and $
25,000 to Webb, with the remainder divided 40% to Coburn and 60% to Webb. 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
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