Matt Looney withdrew cash of ($ 62,000) for personal use, and Dave Briseo withdrew cash of ($

Matt Looney withdrew cash of \(\$ 62,000\) for personal use, and Dave Briseño withdrew cash of \(\$ 50,000\) during the year. Using the data from situation

(d) in Exercise 13-3, journalize the entries to close the

(a) income summary account and

(b) the partners' drawing accounts. Explanations are not required. Indicate the amount of increase or decrease in each partner's capital balance. What was the overall effect on partnership capital?