The Net Income Earned by the Cooper,Cross,and Crane Partnership Is

question 49

Multiple Choice

The net income earned by the Cooper,Cross,and Crane partnership is $21,000.Their respective average capital balances are $20,000,$20,000,and $40,000.What is the closing entry to allocate the net income if no agreement was made for division of income?

• A)Debit Income Summary $21,000;credit Cooper,Capital $7,000;credit Cross,Capital $7,000;credit Crane,Capital $7,000
• B)Debit Income Summary $21,000;credit Cooper,Capital $5,250;credit Cross,Capital $5,250;credit Crane,Capital $10,500
• C)Debit Cooper,Capital $7,000;debit Cross,Capital $7,000;debit Crane,Capital $7,000;credit Income Summary $21,000
• D)Not enough information given to allocate

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