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upton upton
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6 years ago
What is the closing entry to allocate net income $30,000 to Eric, Von, and Derek? Their respective capital balances are $20,000, $40,000, and $60,000. Net income is shared in a ratio of their capital balances.
A) Debit Income Summary $30,000; credit Eric, Capital $5,000; credit Von, Capital 10,000; credit Derek, Capital $15,000
B) Debit Salary Expense $30,000; credit Salaries Payable $30,000
C) Debit Income Summary $30,000; credit Eric, Capital $10,000; credit Von, Capital $10,000; credit Derek, Capital $10,000
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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OmpaOmpa
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6 years ago
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upton Author
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6 years ago
Thanks
patod1
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Yesterday
Correct Slight Smile TY
dedricgard
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2 hours ago
this is exactly what I needed
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