Business, 04.08.2021 16:20 karleebowling316
The partnership agreement of T. Chung and N. Patel states that the partners will share income and loss based on beginning capital balances. At the beginning of the year, Chung's capital balance was $30,000 and Patel's capital balance was $10,000. If net income during the period was $100,000, then the entry to close net income to Patel's capital account will include a credit to N. Patel, Capital in the amount of .
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The partnership agreement of T. Chung and N. Patel states that the partners will share income and lo...
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