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What the entry to distribute the profits to the partners

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Question - Belo & Toledo earned $48,000 in net income for the year. Profits or losses are to be divided equally among the partners. What the entry to distribute the profits to the partners?

a. Credit Toledo, Capital for $24,000

b. Debit Cash for $48,000

c. Debit Belo, Capital for $24,000

d. Credit Income Summary for $48,000

Reference no: EM133188519

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