Partners R and S receive a salary allowance of P3,000 and P7,000, respectively, and share the remainder equally. If the company earned P4,000 during the period, the entry to close the income or loss into their capital accounts is: a. Income Summary R, Capital S, Capital b. Income Summary S, Capital c. Income Summary R, Capital S, Capital d. Income Summary R, Capital S, Capital O A B O D 10,000 4,000 14,000 6,000 3,000 7,000 4,000 7,000 7,000 3,000 3,000

Partners R and S receive a salary allowance of P3,000 and P7,000, respectively, and share the remainder equally. If the company earned P4,000 during the period, the entry to close the income or loss into their capital accounts is: a. Income Summary R, Capital S, Capital b. Income Summary S, Capital c. Income Summary R, Capital S, Capital d. Income Summary R, Capital S, Capital O A B O D 10,000 4,000 14,000 6,000 3,000 7,000 4,000 7,000 7,000 3,000 3,000

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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