Allocating profits and losses to the partners
Bob Free ley and Jack Hart each withdrew cash of $10,000 for personal use during the year. Using the data from situation (c) in Exercise P-16,
Requirements
1. Journalize the entries to close net income to the partners.
2. Journalize closing the partners' drawing accounts. Explanations are not required.
3. Calculate the balances in each partners' capital account after posting the entries.