Bob and Bill Allocate 2/3 of Their Partnership's Profits and Losses

question 166

Multiple Choice

Bob and Bill allocate 2/3 of their partnership's profits and losses to Bob and 1/3 to Bill.The net income of the firm is $20,000.The journal entry to close the Income Summary will include ________.(Do not round any intermediate calculations.)

• A) credit to Income Summary for $13,333
• B) debit to Bob, Capital for $6667
• C) credit to Bob, Capital for $13,333
• D) credit to Income Summary for $20,000

---

Definitions:

Buzzing Sound

A continuous, low-pitched noise resembling the sound produced by bees or similar insects.

Right Frontal Lobe

A region of the frontal lobe of the brain located in the right hemisphere, responsible for controlling important cognitive skills, such as emotional expression, problem-solving, memory, and judgment.

Amygdala

A region of the brain key to processing emotions, particularly fear and pleasure.

Fearless

Lacking fear; having the quality or ability to face danger or unknown situations without succumbing to fear.