Coburn $($beginning capital, $$56,000)$ and Webb $($beginning capital $$94,000)$ are partners. During $2027,$ the partnership earned net

income of $$75,000,$ and Coburn made drawings of $$14,000$ while Webbr made drawings Jo $$21,000.$

Your answer is correct.

Assume the partnership income$-$sharing agreement calls for income to be divided $30\%$ to Coburn and $70\%$ to Webb. Prepare the

journal entry to record the allocation of net income. $($Credit account titles are automatically indented when amount is entered. Do not

indent manuall.$)$

Account Titles and Explanation

Debit

Credit

Income Summary

$75,000$

Coburn, Capital

$22,500$

Webb, Capital

$52,500$

$($b$)$

Your Answer

Correct Answer $($Used$)$

Your answer is correct.

Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$35,000$ to Coburn and

$$27,000$ to Webb, with the remainder divided $30\%$ to Coburn and $70\%$ to Webb. Prepare the journal entry to record the

allocation of net income. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

Income Summary

$75,000$

Coburn, Capital

$38,900$

Webb, Capital

$36,100$

$($c$)$

Assume the partnership income$-$sharing agreement calls for income to be divided with a salary of $$41,000$ to Coburn and $$36,000$ to Webb, interest of $11\%$ on beginning capital, and the remainder divided $50\%-50\%.$ Prepare the journal entry to record the allocation of net income. $($Credit occount tities are outomatically Indented when amount I s entered. complete par c