Felix and Ian Allocate 2/5 of the Profits and Losses

question 74

Multiple Choice

Felix and Ian allocate 2/5 of the profits and losses to Felix and 3/5 to Ian.The net profit of the firm is $40,000.The journal entry to close the Income summary will include:

• A)credit to Income summary for $40,000.
• B)debit to Felix,capital for $16,000.
• C)credit to Ian,capital for $24,000.
• D)debit to Felix,capital for $24,000.

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A movement that emphasizes the value of women's experiences and contributions, advocating for the recognition and preservation of women's cultures and practices.

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