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after revenue and expense accounts of The Inn and Out Stop were closed on December 31, 2021,
Income Summary contanained a credit balance of $198,200. The drawing accounts of the two
partners, Thomas Muir and Kerry Goree, showed debit balances of $80,000 and $184,000
respectively. The partnership agreement is silent on the division of profits and losses. Record the
general journal entries to close the Income Summary account and the partners' drawing accounts

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after revenue and expense accounts of The Inn and Out Stop were clos.pdf

  • 1. after revenue and expense accounts of The Inn and Out Stop were closed on December 31, 2021, Income Summary contanained a credit balance of $198,200. The drawing accounts of the two partners, Thomas Muir and Kerry Goree, showed debit balances of $80,000 and $184,000 respectively. The partnership agreement is silent on the division of profits and losses. Record the general journal entries to close the Income Summary account and the partners' drawing accounts