Glade,Marker,and Walters Are Partners with Beginning-Year Capital Balances of $100,000,$50,000,and

Essay

Glade,Marker,and Walters are partners with beginning-year capital balances of $100,000,$50,000,and $50,000,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 (Glade:Marker:Walters),respectively.
c.Partnership agreement is silent as to division of income and less.