Business, 20.02.2020 04:40 JOEREACH

The partnership agreement of E Smith and N Patel state that Smith receives 30% and Patel 70% of partnership income and losses. The partnership net income is $100,000 and is allocated to the partners when the income summary account is closed. Which of the items will be included in the entry to close the Income Summary Account?Debit to N Patel for $70,000Credit to Income Summary for $100,000Debit to E Smith for $30,000Credit to E smith, Capital for $30,000Debit to Income Summary for $100,000Credit to N Patel for $70,000

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