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Give the journal entry to transfer income summary account

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The partnership contract for the SDF and MGB partnership, a general partnership, provided for annual salaries of P140,000 and P175,000 to SDF and MGB, respectively, with the resulting profit or loss to be divided equally. Profit before salaries for the year ended June 30, 2021 was P315,000.

Required:

Problem 1: Give the journal entry to transfer income summary account balance to drawing accounts of the partners.

Reference no: EM132765172

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