Erin,Rachel,and Travis Are Partners in ERT Company,with Average Capital Balances

Essay

Erin,Rachel,and Travis are partners in ERT Company,with average capital balances for the year of $60,000,$80,000,and $40,000,respectively.They share remaining income in a 2:5:3 ratio,respectively,after each receives a $30,000 salary and 10 percent interest on his or her average capital balance.In the journal provided,prepare the entries without explanations to close income into their Capital accounts,assuming net income of $148,000.