Assume the partnership income-sharing agreement calls for income

Question # 00081465 Posted By: kimwood Updated on: 07/11/2015 04:58 AM Due on: 08/10/2015
Subject Business Topic General Business Tutorials:
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Assume the partnership income-sharing agreement calls for income to be divided with a salary of $29,000 to Coburn and $25,300 to Webb, with the remainder divided 40% to Coburn and 60% to Webb. Prepare the journal entry to record the allocation of net income.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and ExplanationDebitCredit
Entry field with correct answer Webb, Capital Cash Salaries Expense Drawings Income Summary Coburn, Capital res_EAT_1355118747228_0_8410713173913873_035Entry field with incorrect answer now contains modified dataEntry field with correct answer
Entry field with correct answer Income Summary Webb, Capital Cash Salaries Expense Drawings Coburn, Capital res_EAT_1355118747228_0_8410713173913873_048Entry field with correct answerEntry field with incorrect answer now contains modified data
Entry field with correct answer Salaries Expense Drawings Income Summary Coburn, Capital Cash Webb, Capital res_EAT_1355118747228_0_8410713173913873_058
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Tutorials for this Question
  1. Tutorial # 00076132 Posted By: kimwood Posted on: 07/11/2015 04:58 AM
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    salary will be treated as ...
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