Holden,Phillips,and Rogers Are Partners with Beginning-Year Capital Balances of $120,000,$60,000,and

question 18

Essay

Holden,Phillips,and Rogers are partners with beginning-year capital balances of $120,000,$60,000,and $60,000,respectively.Partnership net income for the year is $84,000.Make the necessary journal entry to close Income Summary to the capital accounts if:
a.Partners agree to divide income based on their beginning-year capital balances.
b.Partners agree to divide income based on the ratio of 5:3:2 (Holden:Phillips:Rogers),respectively.
c.Partnership agreement is silent as to division of income and loss.

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Definitions:

Positron Emission Tomography

A nuclear medicine functional imaging technique that produces a three-dimensional image of functional processes in the body.

Cingulectomy

A neurosurgical procedure that involves removing or disconnecting parts of the cingulate gyrus to treat certain psychiatric disorders.

Psychosurgery

Surgical procedures on the brain intended to relieve or control severe or violent psychological disorders.

Hemispheres

Half of the spherical brain, divided into the right and left hemispheres, each controlling specific functions and activities.