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Tognazzini Company had a $15300 loss for the year ended October 31 2017 The company is a partnership owned by Lilia and Terry Tognazzini Salary allowances for the partners are Lilia

Tognazzini Company had a $15,300 loss for the year ended October 31, 2017. The company is a partnership owned by Lilia and Terry Tognazzini. Salary allowances for the partners are Lilia $24,900 and Terry $15,000. Interest allowances are Lilia $5,300 and Terry $9,300. The remainder is shared 75% by Lilia and 25% by Terry. (a) Calculate the loss to be allocated to each partner. (b) Prepare a journal entry to close the Income Summary account.

Apr 09 2020 View more View Less

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