Question 4 Coburn (beginning capital, $63,900) and Webb (beginning capital $90,2

Question

Question 4

Coburn (beginning capital, $63,900) and Webb (beginning capital $90,200) are partners. During 2014, the partnership earned net income of $69,000, and Coburn made drawings of $17,820 while Webb made drawings of $23,240.

Account Titles and Explanation

Debit

Credit

LINK TO TEXT

Account Titles and Explanation

Debit

Credit

LINK TO TEXT

Account Titles and Explanation

Debit

Credit

LINK TO TEXT

Question 4

Coburn (beginning capital, $63,900) and Webb (beginning capital $90,200) are partners. During 2014, the partnership earned net income of $69,000, and Coburn made drawings of $17,820 while Webb made drawings of $23,240.

Explanation / Answer

Accounts title and explanation Debit credit Income summary 69000 Cobbs capital 27600 Webbs capital 41400 Account title and explanation Debit Credit Salary 53700 Coburn capital 29100 webb capital 24600 Income summary 15300 Coburn capital 6120 Webb capital 9180

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.