Adam James and Jane Smith are partners. The entry to distribute a net loss to both...
Adam James and Jane Smith are partners. The entry to distribute a net loss to both partners is
A. debit, Adam James, Drawing; debit, Jane Smith, Drawing; credit, Income Summary.
B. debit, Income Summary; credit, Adam James, Capital; credit, Jane Smith, Capital.
C. debit, Adam James, Capital; debit, Jane Smith, Capital; credit, Income Summary.
D. debit, Income Summary; credit, Adam James, Drawing; credit, Jane Smith, Drawing.
Homework Answers
Loss should be transferred to capital account of the partners.
Debit Adam James Capital
Debit Jane Smith Capital
Credit income summary
Option. C
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Adam James and Jane Smith are partners. The entry to distribute
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