Question

The net income earned by the cooper, cross, and crane partnership is $18,000. their respective average capital balances are $20,000, $20,000, and $40,000. what is the closing entry to allocate the net income if no agreement was made for division of income? question 10 options: net income cannot be allocated. debit income summary $18,000; credit cooper's capital $4,500; credit cross's capital $4,500; credit crane's capital $9,000 debit cooper's capital $6,000; debit cross's capital $6,000; debit crane's capital $6,000; credit income summary $18,000 debit income summary $18,000; credit cooper's capital $6,000; credit cross's capital $6,000; credit crane's capital $6,000

Answer 1

The answer is A)... I am not exactly sure but I did my research so hope this helps! good luck.

Answer 2

The answer to your questions is:

Debit Income Summary $18,000; credit Cooper's Capital $6,000; credit Cross's Capital $6,000; credit Crane's Capital $6,000.