Felix and lan allocate 2/5 of their partnership's profits and losses to Felix and 3/5 to lan. The net income of the firm is $50,000. The journal entry to close the Income Summary will include O credit to lan, Capital for $30,000 O credit to Income Summary for $50,000 O debit to Felix, Capital for $30,000 O debit to Felix, Capital for $20,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1EB: The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits...
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Felix and lan allocate 2/5 of their partnership's profits and losses to Felix and 3/5 to lan. The net income of the firm is $50,000. The journal entry to close the Income Summary will include
O credit to lan, Capital for $30,000
O credit to Income Summary for $50,000
O debit to Felix, Capital for $30,000
O debit to Felix, Capital for $20,000
Transcribed Image Text:Felix and lan allocate 2/5 of their partnership's profits and losses to Felix and 3/5 to lan. The net income of the firm is $50,000. The journal entry to close the Income Summary will include O credit to lan, Capital for $30,000 O credit to Income Summary for $50,000 O debit to Felix, Capital for $30,000 O debit to Felix, Capital for $20,000
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