Question: Jenn Smith and Mike Yang had a partnership and shared incomes and-lasses based on an agreement that gave Jenn a salary allowance of $115,000 and

Jenn Smith and Mike Yang had a partnership and shared incomes and-lasses based on an agreement that gave Jenn a salary allowance of $115,000 and Mike $90,000 with any unallocated income (loss) shared 3:2. Prepare the entry to close the Income Summary account at December 31, 2011, assuming a debit balance of $80,000.

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1. Background knowledge of the subject and

4. What specific changes in the environment have taken place in relation to the information we have collected?

2. The purpose of the acquisition of the information.