2)3) Required information Problem 12-3A Alloca.docx - 2 3 Required information Problem 12-3A Allocating partnership income LO P2[The following

2)3) Required information Problem 12-3A Alloca.docx - 2 3...

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2) 3) Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below Kara Ries, Tammy Bax, and Joe Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $412,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year- end and to allocate the $412,500 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 1 Required: (1) The partners have no agreement on the method of sharing income and loss. View transaction list < Prev 1 2 of 4 Next 10 Required information Journal entry worksheet < 1 Record the entry to close the income summary account assuming the partners have no agreement on the method of sharing income
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and loss. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal < Prev 1 2 3 of 4 Next> Check my work Required information Problem 12-3A
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  • Fall '17
  • Bob Maxwell

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