Assume the partnership income-sharing agreement calls for income to be divided with a salary of $34,000 to Coburn and $25,000 to Webb, with the remainder divided 35% to Coburn and 65% to Webb. Prepare the journal entry to record the allocation of net income

JOURNAL ENTRY

SALARY

Debit partnership income summary account $59,000; credit capital accounts : Coburn and Webb 34000 ; 25000 respectively.

SHARE PROFIT

Debit partnership income summary account 100% ; credit capital accounts of Coburn 35% , Webb 65%

Explanation:

Salaries are not deducted in the revenues in the profit and loss  section and are not included in other salaries but are taken as distribution from the partnership's income account

explanation:

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answer; communities of interest; i believe this is correct, plz check first good luck;