ABACUS is a partnership owned by Allen, Bacon, and Cush, who share profits and losses in the ratio of \(1: 3: 4\). The account balances of the partnership at June 30 follow.

Requirements 

1. Prepare the June 30 entries to close the revenue, expense, income summary, and drawing accounts.

2. Insert the opening capital balances in the partners' capital accounts, post the closing entries to their accounts, and determine each partner's ending capital. 

Transcribed Image Text:

ABACUS Adjusted Trial Balance June 30, 2009 Account Title Debit Credit Cash $ 20,000 Noncash assets 110,000 Liabilities $ 30,000 Allen, capital 20,000 Bacon, capital 40,000 Cush, capital 50,000 Allen, drawing 10,000 Bacon, drawing 30,000 Cush, drawing 50,000 Revenues 160,000 Expenses 80,000 Totals $300,000 $300,000