question archive Tognazzini Company had a $15,000 loss for the year ended October 31, 2014
Tognazzini Company had a $15,000 loss for the year ended October 31, 2014
Subject:AccountingPrice: Bought3
Tognazzini Company had a $15,000 loss for the year ended October 31, 2014. The company is a partnership owned by Lilia and Terry Tognazzini. Salary allowances for the partners are Lilia $25,000 and Terry $16,000. Interest allowances are Lilia $5,000 and Terry $9,000. 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.
