20.

Jane Zhou, Ron Higgins and Liz ONeill are three partners who operate ZHO Consulting, which has a June 30 year end. For the year ended June 30, 2017, the partnership had revenue of $380,000 and operating expenses of $176,000. Information about the partnership accounts is as follows:

Partner	J. Zhou	R. Higgins	L. ONeill
Capital account, July 1, 2016	$40,000	$35,000	$20,000
Additional investment January 1, 2017	10,000	10,000	5,000
Drawings during year ended June 30, 2017	70,000	50,000	25,000
Profit allocation percentage	40%	30%	30%

Instructions

a) Prepare the Statement of Partners Equity for the year ended June 30, 2017.

b) Prepare a partial balance sheet at June 30, 2017, showing the Partners Equity section.

c) Prepare closing entries for the June 30, 2017 year end.