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Journalize the entry to close the Income Summary account

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Question - Polasky and Willmann have formed a partnership. During their first year of operations, the partnership earned $140,000. Their-profit-and-loss-sharing agreement states that, first, each partner will receive 20% of their capital balances. The second level is based on services, with $22,000 to Polasky and $10,000 to Willmann. The remainder then will be shared 4:1 between Polasky and Willmann, respectively.

Polasky 56,960

Willmann 14,240

Total allocation (71,200)

Net income (loss) remaining for allocation 0

Net income (loss) allocated to the partners $97,360 $42,640

Requirement - Journalize the entry to close the Income Summary account for the year.

Reference no: EM132684175

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