Multiple Choice
Alex,Brad,and Carl are partners.The profit sharing rule between them is 4:3:2 in alphabetical order.The partnership incurs a net loss of $120,000.The journal entry to close Income Summary will include a ________.(Do not round any intermediate calculations.)
A) debit to Income Summary account for $120,000
B) debit to Alex, Capital account for $53,333
C) credit to Alex, Capital account for $53,333
D) credit to Carl, Capital account for $26,667
Correct Answer:
Verified
Correct Answer:
Verified
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