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Prepare the entry to close the income summary account

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Question - Lisa Taylor and Joel Chalk established an avocado distribution business. Their partnership shared profits and losses based on an agreement that gave Lisa a salary allowance of $55,000 and Joel $20,000 with any unallocated profit (loss) shared equally. Prepare the entry to close the Income Summary account at December 31, 2020, assuming a credit balance of $58,000.

Reference no: EM132924248

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