16. Help me selecting the right answer. Thank you Felix and lan allocate 2/5 of their partnership's profits and losses to Felix and 3/5 to lan. The net income of the firm is $50,000. The journalentry to close the Income Summary will includedebit to Felix, Capital for $30,000credit to lan, Capital for $30,000credit to Income Summary for $50,000debit to Felix, Capital for $20,000

Partnership is a type of business where two or more partners carry a business to share the profit or…

Answered: Felix and lan allocate 2/5 of their…

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Felix and lan allocate 2/5 of their partnership's profits ar entry to close the Income Summary will include

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1EB: The partnership of Michelle, Amal, and Maureen has done well. The three partners have shared profits...

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16. Help me selecting the right answer. Thank you

Felix and lan allocate 2/5 of their partnership's profits and losses to Felix and 3/5 to lan. The net income of the firm is $50,000. The journal
entry to close the Income Summary will include
debit to Felix, Capital for $30,000
credit to lan, Capital for $30,000
credit to Income Summary for $50,000
debit to Felix, Capital for $20,000

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