Rod Dall Co. reports net income of $31,000. The income ratios are Rod 69% and Dall...

 

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Rod Dall Co. reports net income of $31,000. The income ratios are Rod 69% and Dall 31%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Rod, Capital Dall, Capital Income Summary Dall, Drawings Cash Net Income/(Loss) Accounts Receivable Accounts Payable Rod, Drawings Rod Dall Co. reports net income of $31,000. The income ratios are Rod 69% and Dall 31%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Rod, Capital Dall, Capital Income Summary Dall, Drawings Cash Net Income/(Loss) Accounts Receivable Accounts Payable Rod, Drawings

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The journal entries are given below Accoun... View the full answer