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Make the necessary journal entry to close income

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Problem 1: Holden, Phillips, and Rogers are partners with beginning-year capital balances of $120,000, $60,000, and $60,000, respectively. Partnership net income for the year is $84,000. Make the necessary journal entry to close Income Summary to the capital accounts if: Partners agree to divide income based on their beginning-year capital balances?

 

Reference no: EM132687832

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