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Question 4 Sandra Castell, Susan Huang, and Bert Zimm invested $180,000, $180,000, and $240,000, respectively in a partnership. During its fiest year, the firm recorded a net income of $105 300 Prepare general journal entries to close the ferm's Income Summary account as of December 31, 2015 and to alocate the net ncomefoss to the partners under each of the following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddmmm (e January 15 would be 15/Jan). (a) The partners did not produce any special agreement on the method of sharng incomes General Jouna AccountExplanation Page cun Debe Credit Date (b) The partners agreed to share net incomes and losses in the ratio of their beginning investments Page GJ1 F Debt Credit General Jounal Account Explanation Date

Question 4 Sandra Castell, Susan Huang, and Bert Zimm invested $180,000, $180,000, and $240,000, respectively in a partnership. During its fiest year, the firm recorded a net income of $105 300 Prepare general journal entries to close the ferm's Income Summary account as of December 31, 2015 and to alocate the net ncomefoss to the partners under each of the following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddmmm (e January 15 would be 15/Jan). (a) The partners did not produce any special agreement on the method of sharng incomes General Jouna AccountExplanation Page cun Debe Credit Date (b) The partners agreed to share net incomes and losses in the ratio of their beginning investments Page GJ1 F Debt Credit General Jounal Account Explanation Date

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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Question 4. dan Sandra Castell, Susan Huang, and Bert Zimm invested $180,000, $180,000, and $240,000, respectively in a partnership During its first year, the firm recorded a net income of $105,300. Prepare general journal entries to close the firm's Income Summary account as of December 31, 2015 and to alocate the net incomeloss to the partners under each of the following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddimmm (e January 15 would be 15/Jan). (a) The partners did not produce any special agreement on the method of sharing incomes. General Journal Account Explanation Page GJT F Debe Credit Date (b) The partners agreed to share net incomes and losses in the ratio of their beginning investments General Journa Account Explanation Page GJ1 F Debt Credit Date
Transcribed Image Text:Question 4. dan Sandra Castell, Susan Huang, and Bert Zimm invested $180,000, $180,000, and $240,000, respectively in a partnership During its first year, the firm recorded a net income of $105,300. Prepare general journal entries to close the firm's Income Summary account as of December 31, 2015 and to alocate the net incomeloss to the partners under each of the following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddimmm (e January 15 would be 15/Jan). (a) The partners did not produce any special agreement on the method of sharing incomes. General Journal Account Explanation Page GJT F Debe Credit Date (b) The partners agreed to share net incomes and losses in the ratio of their beginning investments General Journa Account Explanation Page GJ1 F Debt Credit Date
(c) The partners agreed to share income by providing annual salary allowances of $18,000 to Sandra Castell, $18.000 to Susan Huang, and $24,000 to Bert Zimm, allowing % interest on the partners' beginning investments, and sharing the remainder equally General Journa Account/Expianation Page GU Crede F Debil Date
Transcribed Image Text:(c) The partners agreed to share income by providing annual salary allowances of $18,000 to Sandra Castell, $18.000 to Susan Huang, and $24,000 to Bert Zimm, allowing % interest on the partners' beginning investments, and sharing the remainder equally General Journa Account/Expianation Page GU Crede F Debil Date
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