Partners Y and Z receive a salary of $15,000 and $30,000, respectively, and share income and losses in a 2:1 ratio, respectively. If the partnership suffers a $15,000 net loss in 2010, the entry to close the income or loss into their capital accounts is:

Question

Quizplus · Accepted Answer

The Answer of Partners Y and Z receive a salary of $15,000 and $30,000, respectively, and share income and losses in a 2:1 ratio, respectively. If the partnership suffers a $15,000 net loss in 2010, the entry to close the income or loss into their capital accounts is:

Partners Y and Z Receive a Salary of $15,000 and $30,000