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Prepare the journal entries for the drawings made by gomez

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Reference no: EM132992500

M. Gomez had beginning capital of $30,000 and I. Inez had beginning capital of $25,000 and formed a partnership. During 2019, the partnership earned net income of $74,000 and Gomez made drawings of $5,000 and Inez made drawings of $4,000.

Problem a. Assume income sharing is 50/50. Prepare the journal entry to record the allocation of net income.

Problem b. Prepare the journal entries for the drawings made by Gomez and Inez.

Problem c. Compute the partners' ending capital balances after allocation of income and drawings.

Reference no: EM132992500

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