Question: 1. Sparrow Smith and Wren Wright are equal partners in the S and W partnership. The partnership has a loss of $200,000, in 2023 .

1. Sparrow Smith and Wren Wright are equal partners in the S and W partnership. The partnership has a loss of $200,000, in 2023 . Sparrow Smith has a $60,000, guaranteed salary. Required: Prepare the journal entry to close income summary to the partners capital account

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