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Coburn (beginning capital, $55,000) and Webb (beginning capital $80,000) are partners. During 2017, the partnership earned net income of $65,000, and Coburn made drawings of $14,000 while Webb made drawings of $20,000.
Assume the partnership income-sharing agreement calls for income to be divided with a salary of $29,000 to Coburn and $22,000 to Webb, with the remainder divided 30% to Coburn and 70% to Webb. Prepare the journal entry to record the allocation of net income. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
