Stephen, Hudson, andChris have capital balances of $22,000, $41,000, $90,000. The partners share profit as 1:1:3,...
Stephen, Hudson, andChris have capital balances of $22,000, $41,000, $90,000. The partners share profit as 1:1:3, respectively. The partnership had net income of $110,000 for the year. Journalize the closing entry to allocate the net income. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Homework Answers
Journalize the closing entry to allocate the net income.
| Date | accounts & explanation | debit | credit |
| Income summary a/c | 110000 | ||
| Stephen's capital a/c (110000*1/5) | 22000 | ||
| Hudson's capital a/c (110000*1/5) | 22000 | ||
| Chris's capital a/c (110000*3/5) | 66000 | ||
| (To record net income transfer to owner's capital) | |||
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