The net income for the new partnership known as The Convenience Place for the year ended December

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The net income for the new partnership known as The Convenience Place for the year ended December 31, 2016, was $34,000. The partners, Donald Jones and Amelda Loper, share profits in the ratio of 40 and 60 percent, respectively. Record the general journal entry (or entries) to close the Income Summary account.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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College Accounting Chapters 1-30

ISBN: 978-0077862398

14th edition

Authors: John Price, M. David Haddock, Michael Farina

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