A.Neinsted Draws=23500, capital=44300 G.Bolen Draws=13900, capital=31000 K.Saylo

Question

A.Neinsted Draws=23500, capital=44300

G.Bolen Draws=13900, capital=31000

K.Saylor Draws=10300, capital=29000

Journalize the entry to record the division of net income for the year 2017 under each of the following independent assumptions. Net income is $18,900. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $14,470 salary allowance. The remainder is shared equally.

I have:                     Dr                Cr

Income summary 18900                            I tried:but none work

G.Bolen capital                           ?               2000        &       7235

K. SaylorCap                              ?              2000       &       7235

A.Neinsted Cap                          ?              2000         &     4430

Explanation / Answer

A.Neinsted Draws=23500, capital=44300 G.Bolen Draws=13900, capital=31000 K.Saylo

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