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i Safari File Edit View History Bookmarks Window Help -63% Ct) Sun 10:40 AM aE newconnect mheducation.com nbox ACCOUNTING 1 Carvas at SMC Cannect Zheng invested $136 question Chapter 12: Quiz Saved Help Save & Exit Submit Shot Zheng invested $136,000 and Murray invested $236,000 in a partnership. They agreed to share incomes and losses by allowing a $69,000 per year salary allowance to Zheng and a $49,000 per year salary allowance to Murray, plus an interest allowance on the partners' beginning-year capital investments at 10%, with the balance to be shared equally. Assuming net income for the current year is $123.000, the journal entry to allocate net income is: 6.49 AM points Multiple Choice 00-37 38 151863 Debit Income Summary, $123,000; Credit Zheng, Capital, $44,300, Credit Murray, Capital, $78,700 Debit Income Summary, $123,000; Credit Zheng, Capital, $42.200, Credit Murray, Capital, $80,800. On Debit Zheng. Capital, S66.500, Debit Murray, Capital, $56,500; Credit Income Summary. $123,000: Debit Income Summary. $123,000; Credit Zheng. Capital, $66,500, Credit Murray. Capital, $56,500. Debit Income Summary, $123,000; Credit Zheng, Capital, $61,500, Credit Murray, Capital, $61,500. CLA EARCH Mc

Explanation / Answer

Zheng Murray Total Salary 69000 49000 118000 Interest 13600 23600 37200 Remaining -16100 -16100 -32200 Total 66500 56500 123000 Option 4 is correct

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