Wallace and Simpson formed a partnership with Wallace contributing $96,000 and Simpson contributing $76,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. The partnership had income of $215,000 for its first year of operation. When the Income Summary is closed, the journal entry to allocate partner income is: (Do not round intermediate calculations.)

Dr Income summary 215,000

    Cr Wallace, capital 120,000

    Cr Simpson, capital 95,000

Explanation:

When a business has made a profit, the income summary account must have a debit balance before closing it. That way, when you close it, you credit the income summary account and debit the retained earnings or capital accounts in this case.

Wallace = (96 / 172) x $215,000 = $120,000

Simpson = (76 / 172) x $215,000 = $95,000

answer; ///i believe the correct answer is(e) complementary to each other;

the law, public safety, corrections, and security cluster prepares people for careers in planning, managing, and providing legal, public safety, protective services and homeland security, including professional and technical support services.