K Allen, Macer, and Bryant have capital balances of $22,000, $33,000, and $55,000, respectively. The partners share profits and losses as follows: a. The first $30,000 is divided based on the partners' capital balances. b. The next $30,000 is based on service, shared equally by Allen and Bryant, Macer does not receive a salary allowance. c. The remainder is divided equally. Read the requirements. Bryant Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners 26000 14000 งบบบ 75000 0 35000 Requirement 2. Journalize the closing entry to allocate net income for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
K Allen, Macer, and Bryant have capital balances of $22,000, $33,000, and $55,000, respectively. The partners share profits and losses as follows: a. The first $30,000 is divided based on the partners' capital balances. b. The next $30,000 is based on service, shared equally by Allen and Bryant, Macer does not receive a salary allowance. c. The remainder is divided equally. Read the requirements. Bryant Total allocation Net income (loss) remaining for allocation Net income (loss) allocated to the partners 26000 14000 งบบบ 75000 0 35000 Requirement 2. Journalize the closing entry to allocate net income for the year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:K
Allen, Macer, and Bryant have capital balances of $22,000, $33,000, and $55,000, respectively. The partners share
profits and losses as follows:
a. The first $30,000 is divided based on the partners' capital balances.
b. The next $30,000 is based on service, shared equally by Allen and Bryant, Macer does not receive a salary
allowance.
c. The remainder is divided equally.
Read the requirements.
Bryant
Total allocation
Net income (loss) remaining for allocation
Net income (loss) allocated to the partners
26000
14000
งบบบ
75000
0
35000
Requirement 2. Journalize the closing entry to allocate net income for the year. (Record debits first, then credits.
Select the explanation on the last line of the journal entry table.)
Date
Accounts and Explanation
Debit
Credit
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