Rullz and Huinter form a parthership on January 1,2024 , contributing $59,000 and $20,000,
respectively. The parthership had net income of $164,000. Based on the partmership agreement,
Fultz's share of net income was $95,000 and Hunter's share was $69,000. Fultz and Hunter each
withdrew cash of $45,000 for personal use during the yeat. Resd the reguitements Requirement
1. Journalize the entry to close net income to the partners. (Record debits first, then credits;
Select the explanation on the last line of the journal entry
Requirements 1. Journalize the entry to close net income to the partners. 2. Journalize closing the
partners' withdrawal accounts. Explanations are not 3. Calculate the balances in each fartners'
capital account after allocation of required. net income and partners' withdrawals of cash.
(Assume the partnership's accounting year began on January 1,2024 , and ended on December 31
, 2024.).
Rullz and Huinter form a parthership on January 1,2024 , contributing.pdf
1. Rullz and Huinter form a parthership on January 1,2024 , contributing $59,000 and $20,000,
respectively. The parthership had net income of $164,000. Based on the partmership agreement,
Fultz's share of net income was $95,000 and Hunter's share was $69,000. Fultz and Hunter each
withdrew cash of $45,000 for personal use during the yeat. Resd the reguitements Requirement
1. Journalize the entry to close net income to the partners. (Record debits first, then credits;
Select the explanation on the last line of the journal entry
Requirements 1. Journalize the entry to close net income to the partners. 2. Journalize closing the
partners' withdrawal accounts. Explanations are not 3. Calculate the balances in each fartners'
capital account after allocation of required. net income and partners' withdrawals of cash.
(Assume the partnership's accounting year began on January 1,2024 , and ended on December 31
, 2024.)
