200 K38 - X fx AA BC P12 Sharp and Townson had capital balances of $80,000 and $150,000, respectively on January 1, 2014 of the current year. On May 8, Sharp invested an additional $20,000 in the partnership (already entered). During the year, Sharp and Townson withdrew $35,000 and $55,000, respectively (Already entered). At the end of the year, there was $500,000 balance in the 'Revenue' account and $380,000 in the "Expenses' account. Sharp and Townson have agreed to split on a 2:1 basis, respectively. (xx.30%) 1. Journalize the entries to close the revenue and expenses and the drawing accounts. 2. Prepare the statement of partner's equity for the current year. Scoring Rubric Total points Journal entries Simt of PS Ety S's Under scores Headings Number formats Other Total points 200 200 Rename Lname, Frame Stmt PExis Submit 27th Edition Ch 12: Pages 590-591 Did you review the Practice problem and watch the video? 12 P12 Closing 34 and St Partner Equity 200pts 202 XXg 1. Journalize these transactions: (Proper format w explanations.) General Journal . Page 2 Description PR DYO Exercise AD10