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Net Income
The Levin and Motes partnership reports net income pf $60,000. Partner salary allowances are Levin $25,000 and Motes $20,000. No interest allowance will be used. Any remaining income is shard 60:40 ratio.
a. Determine the amount of net income allocated to each partner b. Prepare the General Journal entry (without explanation) to close the Income Summary Account into partnership equity accounts. |
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