Question: On January 1 , 2 0 2 4 , the capital balances in Sheridan Partnership are as follows:Zoya Lewi $ 2 1 , 6 0

On January 1,2024, the capital balances in Sheridan Partnership are as follows:Zoya Lewi $21,600Matthew Walker $25,920Neither partner had any drawings in 2024.(a)Your answer is partially correct.Prepare the closing entry to allocate the partnership profit if in 2024, the partnership reports profit of $97,200. There is no partnership agreement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount TitlesDebitCreditDec. 31select an account title for the journal entry on December 31Income SummaryCorrect answerenter a debit amount enter a credit amount select an account title for the journal entry on December 31M. Walker, Capitalenter a debit amount enter a credit amount select an account title for the journal entry on December 31Z. Lewi, Capital
 On January 1,2024, the capital balances in Sheridan Partnership are as

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!