Assume for each of the following independent cases that the annual accounting period ends on December 31. Revenues for the year were $163,000. Expenses for the year were $185,000.

Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a balance of $56,000 and the drawing account shows a balance of $11,000.

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 reflect the following balances: A, Capital, $62,000; B, Capital, $62,000; A, Drawings, $12,000; and B, Drawings, $14,000. Profits and losses are divided equally.

Case C: Assume that the company is a corporation.

P11-12 Part 1

Required:

1. Provide all the closing entries required at December 31 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.)

No	Transaction	General Journal	Debit	Credit
1	Case A:	A, Capital
		Revenue accounts
2	Case A:	A, Capital	11,000
		A, Drawings		11,000
3	Case B:	B, Capital
		Revenue accounts
4	Case B:	B, Capital
5	Case C:	No Transaction Recorded

P11-12 Part 2

Show how the statement of owners' equity would appear at December 31 for Case A and Case B.