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Prepare journal entry to close Income Summary

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Question - Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting this year by making capital contributions of $250,000, $400,000, and $150,000, respectively. They anticipate annual loss of $200,000 and are considering the following alternative plans of sharing profits and losses:

1. In the ratio of their initial investments; or

2. Salary allowances of $100,000 to Conway, $90,000 to Chan, and $50,000 to Scott and interest allowances of 15% on initial investments, with any remaining balance shared in the ratio of 3:2:1.

Prepare the December 31, 2020, journal entry to close Income Summary assuming they agree to use alternative (II).

Reference no: EM132571114

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