Question 4 Sandra Castell, Susan Huang, and Bert Zimm invested $180,000, $180,000, and $240,000, respectively in a partnership. During its fiest year, the firm recorded a net income of $105 300 Prepare general journal entries to close the ferm's Income Summary account as of December 31, 2015 and to alocate the net ncomefoss to the partners under each of the following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddmmm (e January 15 would be 15/Jan). (a) The partners did not produce any special agreement on the method of sharng incomes General Jouna AccountExplanation Page cun Debe Credit Date (b) The partners agreed to share net incomes and losses in the ratio of their beginning investments Page GJ1 F Debt Credit General Jounal Account Explanation Date
Question 4 Sandra Castell, Susan Huang, and Bert Zimm invested $180,000, $180,000, and $240,000, respectively in a partnership. During its fiest year, the firm recorded a net income of $105 300 Prepare general journal entries to close the ferm's Income Summary account as of December 31, 2015 and to alocate the net ncomefoss to the partners under each of the following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddmmm (e January 15 would be 15/Jan). (a) The partners did not produce any special agreement on the method of sharng incomes General Jouna AccountExplanation Page cun Debe Credit Date (b) The partners agreed to share net incomes and losses in the ratio of their beginning investments Page GJ1 F Debt Credit General Jounal Account Explanation Date
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 3EA: The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have...
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Transcribed Image Text:Question 4. dan
Sandra Castell, Susan Huang, and Bert Zimm invested $180,000, $180,000, and $240,000, respectively in a partnership During its first year, the firm recorded a net income of
$105,300.
Prepare general journal entries to close the firm's Income Summary account as of December 31, 2015 and to alocate the net incomeloss to the partners under each of the
following unrelated assumptions. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format ddimmm (e January 15
would be 15/Jan).
(a) The partners did not produce any special agreement on the method of sharing incomes.
General Journal
Account Explanation
Page GJT
F Debe Credit
Date
(b) The partners agreed to share net incomes and losses in the ratio of their beginning investments
General Journa
Account Explanation
Page GJ1
F Debt
Credit
Date
Transcribed Image Text:(c) The partners agreed to share income by providing annual salary allowances of $18,000 to Sandra Castell, $18.000 to Susan Huang, and $24,000 to Bert Zimm, allowing %
interest on the partners' beginning investments, and sharing the remainder equally
General Journa
Account/Expianation
Page GU
Crede
F Debil
Date
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