Jenkins, Willis, and Trent invested $252,000, $441,000, and $567,000, respectively, in a partnership. During its first year, the firm recorded profit of $639,000. d- The partners agreed to share profit by providing annual salary allowances of $123,000 to Jenkins, $133,000 to Willis, and $68,000 to Trent; allowing 10% interest on the partners’ beginning investments; and sharing the remainder equally. Record to close income summary account.
Jenkins, Willis, and Trent invested $252,000, $441,000, and $567,000, respectively, in a partnership. During its first year, the firm recorded profit of $639,000. d- The partners agreed to share profit by providing annual salary allowances of $123,000 to Jenkins, $133,000 to Willis, and $68,000 to Trent; allowing 10% interest on the partners’ beginning investments; and sharing the remainder equally. Record to close income summary account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jenkins, Willis, and Trent invested $252,000, $441,000, and $567,000, respectively, in a
d- The partners agreed to share profit by providing annual salary allowances of $123,000 to Jenkins, $133,000 to Willis, and $68,000 to Trent; allowing 10% interest on the partners’ beginning investments; and sharing the remainder equally.
Record to close income summary account.
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