Assume the partnership income-sharing agreement calls for income
Question # 00081465
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Updated on: 07/11/2015 04:58 AM Due on: 08/10/2015
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 Explanation | Debit | Credit |
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Solution: Assume the partnership income-sharing agreement calls for income