K. Ison (beginning capital, $50,000) and I. McCoy (beginning capital $80,000) are partners. During 2024, the partnership reported profit of $80,000, and Ison made drawings of $18,000 while McCoy made drawings of $20,000. 

Instructions 

a. Assume the partnership agreement calls for profit to be divided 45% to Ison and 55% to McCoy. Prepare the journal entry to close the Income Summary account. 

b. Assume the partnership agreement calls for profit to be divided with a salary of $30,000 to K. Ison and $25,000 to I. McCoy, with the remainder divided 45% to Ison and 55% to McCoy. Prepare the journal entry to close the Income Summary account.

c. Assume the partnership agreement calls for profit to be divided with a salary of $40,000 to K. Ison and $30,000 to I. McCoy, interest of 10% on beginning capital, and the remainder divided 50%–50%. Prepare the journal entry to close the Income Summary account.