Glade,Marker,and Walters Are Partners with Beginning-Year Capital Balances of $250,000,$150,000,and

question 20

Essay

Glade,Marker,and Walters are partners with beginning-year capital balances of $250,000,$150,000,and $100,000,respectively.Partnership net income for the year is $192,000.Make the necessary journal entry to close Income Summary to the capital accounts if partners agree to divide income based on their beginning-year capital balances.

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