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upton upton
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7 years ago
What is the closing entry to allocate net income of $54,000 to Sara, Ellen, and Mary? Respective capital balances are $50,000, $80,000, and $20,000. No agreement was made for division of income.
A) Debit Income Summary $54,000; credit Sara, Capital $18,000; credit Ellen, Capital $28,800; credit Mary, Capital $7,200
B) Debit Salary Expense $54,000; credit Salaries Payable $54,000
C) Debit Income Summary $54,000; credit Sara, Capital $18,000; credit Ellen, Capital $18,000; credit Mary, Capital $18,000
D) Net income cannot be allocated.
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College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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AugustisAugustis
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#1
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7 years ago
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upton Author
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7 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Fleury
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gage
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This site is awesome
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