6. In the last quarter of 2014, the company received a payment from a customer in the amount of $42,000. However, rather than correctly recording this as a payment on account, Franklin recorded it as...

6. In the last quarter of 2014, the company received a payment from a customer in the amount of $42,000. However, rather than correctly recording this as a payment on account, Franklin recorded it as a cash sale.

Profits and losses of the partnership are allocated according to the following:

1. Salaries to each of the partners of $150,000 per year.