Question: Lisa Montgomery and Joel Calmar had a partnership and shared
Lisa Montgomery and Joel Calmar had a partnership and shared incomes and losses based on an agreement that gave Lisa a salary allowance of $45,000 and Joel $10,000 with any unallocated income (loss) shared equally. Prepare the entry to close the Income Summary account at December 31, 2014, assuming a credit balance of $48,000.
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