Jenn Smith and Mike Yang had a partnership and shared incomes and losses based on an agreement that. 1 answer below »

 
   

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Jenn Smith and Mike Yang had a partnership and shared incomes and losses based on an agreement that gave Jenn a salary allowance of $115,000 and Mike $90,000 with any unallocated income (loss) shared 3:2. Prepare the entry to close the Income Summary account at December 31, 2014, assuming a debit balance of $80,000.