Mercy, Rose, and Debby are partners with beginning-year capital balances of $150,000, $100,000, and $50,000, respectively. Partnership

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Mercy, Rose, and Debby are partners with beginning-year capital balances of $150,000, $100,000, and $50,000, respectively. Partnership net income for the year is $105,000. Make the necessary journal entry to close Income Summary to the capital accounts if:

a. Partners agree to divide income based on their beginning-year capital balances.

b. Partners agree to divide income based on the ratio of 5:3:2 (Mercy, Rose, and Debby), respectively.

c. Partnership agreement is silent as to the division of income and less

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

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Posted Date: Mar 16, 2022 07:46 AM

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Mercy, Rose, and Debby are partners with beginning-year capital balances of $150,000, $100,000, and $50,000, respectively. Partnership

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dn the books of Mercy Rose and Debby JOURNAL NTRIES CAmount in L debi... View the full answer

Intermediate Accounting

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