Assume for each of the following independent cases that the annual accounting period ends on December 31, 2020, and that the total of all revenue accounts was $150,000 and the total of all expense accounts was $130,000.

Case		A:		Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the Capital account reflected a credit balance of $50,000 and the Drawings account showed a balance of $8,000.
Case		B:		Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owners equity accounts reflected the following balances: A, Capital, $40,000; B, Capital, $38,000; A, Drawings, $5,000; and B, Drawings, $9,000. Profits and losses are divided equally.
Case		C:		Assume that the company is a corporation. Prior to the closing entries, the shareholders equity accounts showed the following:

Capital shares: par $10; authorized 30,000 shares; outstanding 15,000 shares

Contributed surplus: $5,000

Retained earnings: $65,000

Required: 1. Prepare the closing entries for December 31, 2020, for each of the separate cases. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Case A: Sole Proprietorship, closing entries:

Case B: Partnership, closing entries:

Case C: Corporation, closing entry:

2. Show how the equity section of the balance sheet would appear at December 31, 2020, for each case. Case A: Sole Proprietorship

Case B: Partnership

Case C: Corporation