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.

Membership

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$13.99
START MEMBERSHIP
OR

Non-Members