SY&I is a partnership owned by T. Shitang, D. Yamamoto, and J. Ishikawa, who share profits and losses in the ratio of 2:3:5. The adjusted trial balance of the partnership (in condensed form) at September 30, 2020, follows:

Required

1. Prepare the September 30, 2020, entries to close the Revenues, Expenses, Income Summary, and Withdrawals accounts.

2. Using T-accounts, insert the opening Capital balances in the partner Capital accounts, post the closing entries to the Capital accounts and determine each partner’s ending Capital balance.

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SY&I Adjusted Trial Balance September 30, 2020 Cash $ 110,000 Noncash assets 389,000 Liabilities $ 319,000 T. Shitang, capital 125,000 D. Yamamoto, capital 97,000 J. Ishikawa, capital 46,000 T. Shitang, withdrawals 99,000 D. Yamamoto, withdrawals 81,000 J. Ishikawa, withdrawals 40,000 Revenues 928,000 Expenses 796,000 Totals $1,515,000 $1,515,000