Lambert Company had a $15,300 loss for the year ended October 31, 2024. The company is a
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Lambert Company had a $15,300 loss for the year ended October 31, 2024. The company is a partnership owned by Lilia and Terry Lambert. Salary allowances for the partners are Lilia $24,900 and Terry $15,000. Interest allowances are Lilia $5,300 and Terry $9,300. The remainder is shared 75% by Lilia and 25% by Terry.
(a) Calculate the loss to be allocated to each partner.
(b) Prepare a journal entry to close the Income Summary account.
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a b Loss Salary allowance L Lambert T Lambert Total LAMBERT COMPANY Division of Profit Oct ...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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