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

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