Can I please get help with this practice question? 6.1 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date General Journal Debit Credit December 31
Can I please get help with this practice question? 6.1 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date General Journal Debit Credit December 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can I please get help with this practice question? 6.1
Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a
Required:
Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions.
1. The partners did not agree on a plan, and therefore share income equally.
- Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally.
Note: Enter debits before credits.
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