Assume for each of the following independent cases that the annual accounting period ends on December 31, 2014, and that the revenue and expense accounts at that date reflect a loss of $30,000.

Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a credit balance of $65,000 and the drawing accounts shows a balance of $10,000.

Case B: Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owner equity accounts reflect the following balances: A, Capital $34,000; B, Capital $34,000; A, Drawing $4,000; and B, Drawing $6,000. Profits and losses are divided equally.

Case C: Assume that the company is a corporation. Prior to the closing entries, the stockholders equity accounts show the following: Common Stock, par $10, authorized 30,000 shares, issued and outstanding 15,000 shares: Capital in Excess of Par, $9,000; Retained Earnings, $75.000.

REQUIRED:

Give all the closing entries indicated at December 31, 2014, for each of the separate cases.

Show how the owners; equity section of the balance sheet would appear at December 31, 2014, for each case.