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Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000, and $50,000, respectively, in a partnership....

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Accounting

Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000,and $50,000, respectively, in a partnership. During its firstcalendar year, the firm earned $359,700. Prepare the entry to closethe firm’s Income Summary account as of its December 31 year-endand to allocate the $359,700 net income to the partners under eachof the following separate assumptions:

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1 First Assumption that Partneers has no Aggrement on the method of Sharing Income Loss Date Account Tittle Debit Credi Dec31 Income Summary 35970000 Kara Rise 11990000 Tommy Bax 11990000 Joes Thomas 11990000 2 Second Assumption that Partneers agrees to share income loss in ther beginning    See Answer
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