Bob and Bill allocate 2/3 of their partnership's profits and losses to Bob and 1/3 to Bill.The net income of the firm is $20,000.The journal entry to close the Income Summary will include ________.(Do not round any intermediate calculations.)
A) credit to Income Summary for $13,333
B) debit to Bob, Capital for $6667
C) credit to Bob, Capital for $13,333
D) credit to Income Summary for $20,000
Correct Answer:
Verified
Q75: If the partnership agreement specifies a method
Q76: The withdrawal accounts of a partnership are
Q77: Alex,Brad,and Carl are partners.The profit sharing rule
Q78: Keith and Jim formed a partnership,with the
Q79: Felix and Ian allocate 2/5 of their
Q81: Kenny and Jeff form a partnership.During the
Q82: When a new partner enters into a
Q83: In a partnership,a person can become a
Q84: In a partnership,the entry to close net
Q85: Lori and Mike enter into 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