right answer please Problem 11-1A Methods of allocating partnership profit LO3 Jenkins, Willis, and...
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Problem 11-1A Methods of allocating partnership profit LO3 Jenkins, Willis, and Trent invested $252,000, $441,000, and $567,000, respectively, in a partnership. During its first year, the firm recorded profit of $639,000. Required: Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any special agreement on the method of distributing profits. View transaction list Journal entry worksheet Record to close income summary account. Note: Enter debits before credits Date Debit Credit Dec 31 General Journal Income summary Willis, capital b. The partners agreed to share profit and losses in the ratio of their beginning investments. View transaction list Journal entry worksheet Record to close income summary account. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal
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