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Journal entry worksheet Skipped < 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally, Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal

Journal entry worksheet Skipped < 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally, Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal

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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Journal entry worksheet Skipped < 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally, Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal
Transcribed Image Text:Journal entry worksheet Skipped < 1 Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally, Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal
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