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Journalize the entry to record the division of net income

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Reference no: EM131793420

At the end of its first year of operations on December 31, 2017, NBS Company's accounts show the following.

Partner

  

Drawings

  

Capital

Art Niensted

  

$23,200

  

$42,500

Greg Bolen

  

14,100

  

36,500

Krista Sayler

  

10,800

  

26,000

The capital balance represents each partner's initial capital investment. Therefore, net income or net loss for 2017 has not been closed to the partners' capital accounts.

Journalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions.

Reference no: EM131793420

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