Sully, Harry and Clark have capital balances of $ $26$ comma $000$$$26,000,$ $ $44$ comma $000$$$44,000,$ and $ $90$ comma $000$$$90,000.$ The partners share profit as $11$:$11$:$33,$ respectively. The partnership had net income of $ $120$ comma $000$$$120,000$ for the year.

Journalize the closing entry to allocate the net income. 

Answer rating: 100% (QA)

Lets perform the calculations for the closing entry to allocate the net income among the partners Gi... View the full answer