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Homework answers / question archive / Holden, Phillips, and Rogers are partners with beginning-year capital balances of $120,000, $60,000, and $60,000, respectively

Holden, Phillips, and Rogers are partners with beginning-year capital balances of $120,000, $60,000, and $60,000, respectively

Accounting

Holden, Phillips, and Rogers are partners with beginning-year capital balances of $120,000, $60,000, and $60,000, respectively. Partnership net income for the year is $84,000. Make the necessary journal entry to close Income Summary to the capital accounts if:

  1. The Partners agree to divide income based on their beginning-year capital balances?
  2. The Partners agree to divide income based on the ratio of 5:3:2 (Holden:Phillips:Rogers), respectively?
  3. The Partnership agreement is silent as to division of income and less?

Date Account Titles Debits Credits <------

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