Alex, Brad, and Carl are partners. The profit and rule sharing rule between them is 4:3:2 in alphabetical order. The partnership incurs a net loss of $120,000. Before preparing the closing journal entry the ________.

Your answer:
	Income Summary account will have a debit balance of $120,000
	Alex, Capital account will have a debit balance of $53,333
	Alex, Capital account will have a credit balance of $53,333
	Carl, Capital account will have a debit balance of $26,667