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Required Information [The following information applies to the questions displayed below) Ries, Bax, and Thomas...

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Accounting

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Required Information [The following information applies to the questions displayed below) Ries, Bax, and Thomas invested $50,000, $66,000, and $74,000, respectively, in a partnership. During its first calendar year, the firm earned $363,600. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $363.600 net Income under each of the following separate assumptions: 1. The partners did not agree on a plan, and therefore share Income equally. View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal

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