- A & B Partnership's 1st year of business - A invests - B invests 100,000...

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- A & B Partnership's 1st year of business - A invests - B invests 100,000 50,000 - Agreement on how to split net income is as follows: - A's salary allowance - 40,000 - - B's salary allowance - 30,000 -10% interest on investment - remainder equally Net Income = 50,000 Prepare journal entries to allocate net income - A & B Partnership's 1st year of business - A invests - B invests 100,000 50,000 - Agreement on how to split net income is as follows: - A's salary allowance - 40,000 - - B's salary allowance - 30,000 -10% interest on investment - remainder equally Net Income = 50,000 Prepare journal entries to allocate net income

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Journal Entries to Allocate Net Income for A B Partnership Here are the journal entries to allocate net income for A B Partnerships first year of busi... View the full answer