Journal entry worksheet

$1$

Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $$40,000$ to Ries, $$35,000$ to Bax, and $$47,000$ to Thomas; granting $10\%$ interest on the partners' beginning capital investments; and sharing the remainder eaually.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,],[,,,]]$