Assume the partnership income-sharing agreement calls for income

| June 11, 2016

Question
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $29,000 to Coburn and $25,300 to Webb, with the remainder divided 40% to Coburn and 60% to Webb. Prepare the journal entry to record the allocation of net income.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
Entry field with correct answer.wileyplus.com/edugen/art2/common/pixel.gif”> Webb, Capital Cash Salaries Expense Drawings Income Summary Coburn, Capital res_EAT_1355118747228_0_8410713173913873_035 Entry field with incorrect answer now contains modified data.wileyplus.com/edugen/art2/common/pixel.gif”> Entry field with correct answer.wileyplus.com/edugen/art2/common/pixel.gif”>
Entry field with correct answer.wileyplus.com/edugen/art2/common/pixel.gif”> Income Summary Webb, Capital Cash Salaries Expense Drawings Coburn, Capital res_EAT_1355118747228_0_8410713173913873_048 Entry field with correct answer.wileyplus.com/edugen/art2/common/pixel.gif”> Entry field with incorrect answer now contains modified data.wileyplus.com/edugen/art2/common/pixel.gif”>
Entry field with correct answer.wileyplus.com/edugen/art2/common/pixel.gif”> Salaries Expense Drawings Income Summary Coburn, Capital Cash Webb, Capital res_EAT_1355118747228_0_8410713173913873_058

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