ABC is a partnership owned by Akers, Brook, and Colman, who share profits and losses in the ratio of 2:1:1, respectively. The account balances of the partnership at June 30, 2024, follow: (Click on the icon to view the trial balance.) Read the requirements Requirement 1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the entry to close the revenue account Date Accounts and Explanation Debit Credit Jun 30 Data Table Prepare the entry to close the expense accounts. (Prepare a single compound journal entry. Accounts and Explanation Date Debit Credit Jun. 30 Prepare the entry to close the income summary account. (Prepare a single compound joumal entry.) Date Accounts and Explanation Debit Jun 30 ABC Adjusted Trial Balance June 30, 2024 Balance Account Title Debit Credit Cash $ 26,000 Non-cash Assets 119,000 Notes Payable 36,000 Akers, Capital 22.000 Brook, Capital 43,000 Colman, Capital 51,000 Akers, Withdrawals 12,000 Brook, Withdrawals 32,000 Colman, Withdrawals 47,000 Sales Revenue 163,000 Salaries Expense 61,000 18,000 Rent Expense S 315,000 $ 315,000 Totals Credit Prepare the entry to close the withdrawal accounts. (Prepare a single compound joumal entry) Date Accounts and Explanation Debit Credit Jun. 30 Print Done Requirement 2. Insert the opening capital balance in each partner's capital T-account, post the closing entries to their accounts, and determine each partner's ending capital balance. Akers, Capital Brook, Capital ABC is a partnership owned by Akers, Brook, and Colman, who share profits and losses in the ratio of 2:1:1, respectively. The account balances of the partnership at June 30, 2024, follow: (Click on the icon to view the trial balance.) Read the requirements Requirement 2. Insert the opening capital balance in each partner's capital T-account, post the closing entries to their accounts, and determine each partner's ending capital balance. Akers, Capital Brook, Capital Colman, Capital Requirement 3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table Journalize the sale of the non-cash assets for $120,000. Date Accounts and Explanation Data Table Debit Credit Jun 30 - Journalize the allocation of the gain or loss to the partners' capital accounts. Date Accounts and Explanation Jun. 30 Debit Credit ABC Adjusted Trial Balance June 30, 2024 Balance Account Title Debit Credit Cash 26.000 Non-cash Assets 119,000 Notes Payable S 36.000 Akers, Capital 22.000 Brook, Capital 43.000 Colman, Capital 51.000 Akers, Withdrawals 12.000 Brook, Withdrawals 32.000 Colman, Withdrawals 47.000 Sales Revenue 163.000 Salaries Expense 61,000 Rent Expense 18,000 $ Totals 315,000 315,000 $ Journalize the payment of the liabilities. Date Accounts and Explanation Debit Credit Jun. 30 Journalize the distribution of the remaining cash to the partners. nala Areate and unlanation nable | Prada Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ABC is a partnership owned by Akers, Brook, and Colman, who share profits and losses in the ratio of 2:1:1, respectively. The account balances of the partnership at June 30, 2024, follow: (Click on the icon to view the trial balance.) Read the requirements Colman, Capital Requirement 3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table. Journalize the sale of the non-cash assets for $120,000. Date Accounts and Explanation Debit Credit Jun. 30 Data Table Journalize the allocation of the gain or loss to the partners' capital accounts. Date Accounts and Explanation Jun. 30 Debit Credit ABC Adjusted Trial Balance June 30, 2024 Balance Debit Credit Account Title Cash $ Journalize the payment of the liabilities. Date Accounts and Explanation 26.000 119,000 Debit Credit S Jun. 30 36.000 22,000 43,000 51,000 12.000 Non-cash Assets Notes Payable Akers, Capital Brook, Capital Colman, Capital Akers, Withdrawals Brook, Withdrawals Colman, Withdrawals Sales Revenue Salaries Expense Rent Expense 32,000 47.000 Journalize the distribution of the remaining cash to the partners. Date Accounts and Explanation Jun 30 Debit Credit 163.000 61.000 18.000 $ 315,000 $ 315,000 Totals Print Done Done Choose from any list or enter any number in the input fields and then continue to the next