QUESTION i
Nathan, George, and Bill have formed a partnership and the partnership agreement states that Nathan will receive of the profits and George and Bill will share the remainder equally. During the current year, the partnership earns $
What is the closing entry to record the allocation of partnership income?
ANSWER
tableDateAccounts,Debit,CreditNathan, Capital,George Capital,Bill Capital,IncomeSummary
tableDateAccounts,Debit,CreditNathan, Capital,George Capital,Bill Capital,IncomeSummary
tableDateAccounts,Debit,CreditIncome Summary,tableNathanCapitalGeorgeCapitalBill Capital
