Prepare the entry to close the firm income, Accounting Basics

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Prepare the entry to close the firm income

Kim Ries, Tere Bax, and Josh Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar year, the firm earned $352,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $352,500 net income to the partners under each of the following separate assumptions:The partners have no agreement on the method of sharing income and loss.

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Accounting Basics: Prepare the entry to close the firm income

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