Chapter 11 Homework

i

\ 1\ Problem 11-1A Methods of allocating partnership profit LO3\ Jenkins, Willis, and Trent invested

$276,000,$483,000

, and

$621,000

, respectively, in a partnership. During its first year, the firm recorded profit of

$657,000

.\ Required:\ Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions:\ a. The partners did not produce any special agreement on the method of distributing profits.\ Journal entry worksheet\ Record to close income summary account.\ Note: Enter debits before credits.\ \\\\table[[Date,General Journal,Debit,Credit],[Dec 31,,,],[,,,],[,,,],[,,,],[,,,]]

Problem 11-1A Methods of allocating partnership profit LO3 Jenkins, Willis, and Trent invested $276,000,$483,000, and $621,000, respectively, in a partnership. During its first year, the firm recorded profit of $657,000. Required: Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any special agreement on the method of distributing profits. Journal entry worksheet Record to close income summary account. Note: Enter debits before credits