Partners A and B receive a salary of $16,000 and $14,000, respectively. They agree to share income equally. If the partnership has income of $280,000 in 20x5, the entry to close the income into their capital accounts is:
A) A, Capital 141,000 B, Capital 139,000Income Summary 280,000
B) Income Summary 280,000 A, Capital 141,000B, Capital 139,000
C) Income Summary 280,000 A, Capital 140,000B, Capital 140,000
D) A, Capital 140,000 B, Capital 140,000Income Summary 280,000
B
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A) original B) appellate C) review D) supreme