Question: 6. Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as detailed in their partnership agreement that gave

6. Jenn Smith and Mike Yang have a small business consulting

6. Jenn Smith and Mike Yang have a small business consulting partnership. They share profits and losses as detailed in their partnership agreement that gave Jenn a salary allowance of $115,000 and Mike $90,000 with any unallocated profit (loss) shared 3:2. Prepare the entry to close the Income Summary account at December 31, 2020, assuming a debit balance of $80,000

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