Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as
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Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as detailed in their partnership agreement that gave Jenn a salary allowance of $115,000 and Mike $90,000 with any unallocated profit (loss) shared 3:2. Prepare the entry to close the Income Summary account at December 31, 2023, assuming a debit balance of $80,000.
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Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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