ABC is a partnership owned by Angus, Black, and Campini, who share profits and losses in the ratio of 2:1:1, respectively. The account balances of the partnership at June 30, 2024, follow:

Requirements
1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts.
2. Open each partner’s capital T-account with the adjusted balance, post the closing entries to their accounts, and determine each partner’s ending capital balance.
3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $111,000.

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Account Title Cash Non-cash Assets Notes Payable Angus, Capital Black, Capital Campini, Capital Angus, Withdrawals Black, Withdrawals ABC Adjusted Trial Balance June 30, 2024 Campini, Withdrawals Service Revenue Salaries Expense Rent Expense Total Balance Debit $ 35,000 110,000 9,000 31,000 46,000 69,000 15,000 $ 315,000 Credit $ 32,000 23,000 44,000 50,000 166,000 $ 315,000