The partnership of Lane and Starr reports net income of $60,000. The partners share equally in income and losses. The entry to record the partners' share of net income will include a
A) credit to Income Summary for $60,000.
B) credit to Lane, Capital for $30,000.
C) debit to Starr, Capital for $30,000.
D) credit to Starr, Drawing for $30,000.
Correct Answer:
Verified
Q67: Partners Acer and Barr have capital balances
Q68: A partner invests into a partnership a
Q69: Danny and Vicky are forming a partnership.
Q70: Partners Bob and Don have agreed to
Q71: The Raney and Kiser partnership agreement stipulates
Q73: Amber contributes, as part of her initial
Q74: The partnership agreement of Nieto, Keller, and
Q75: Danny and Vicky are forming a partnership.
Q76: Partners Don and Ron have agreed to
Q77: Danny and Vicky are forming a partnership.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents