Question: Beaudry and Clemente share profits and losses on a fractional
Beaudry and Clemente share profits and losses on a fractional- share basis with two- fifths for Beaudry and three-fifths for Clemente. This year the firm has a net income of $ 65,000. The beginning Capital balances for the year were $ 90,000 for Beaudry and $ 130,000 for Clemente. The balances of the Drawing accounts are $ 30,000 for Beaudry and $ 24,000 for Clemente. Journalize the entries to close Income Summary and the partners’ Drawing accounts on December 31.
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