Book Partnership Entries and Statement of Partners' Equity Chart of Accounts Labels and Amount Descriptions Journal Instructions The capital account of Lorraine Grecco and Carrie Rosenfeld have balances of 40,480 and $75,440, respectively, on January 1, 2014, the beginning of the local year on March 10, Grecco invested an additional $3,220. During the year, Grecco and Rosenfeld withdrew $32,670 and 540,240, respectively, and net income for the year was 562,000 Revenues were 5403,000, and expenses were 5421,000. The articles of partnership make no reference to the division of net income Required: a. Journalize the entries to close (1) the revenues and expenses and (2) the drawing accounts on December 31. Refer to the chart of accounts for the exact wording or the accounts CNOW journals do not use lines for journal explanation Every line on a journal page is used for det or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. Be sure to complete the statement heading Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. If a net loosia incurred or there is a decrease in partnership's equity enter that amount as a negative number using a minus sign BOUT Journal a Journalize the entries to close (o the revenues and expenses and (2) the drawing accounts on December 31. Refer to the chart of accounts for the exact wording account des Chow Journals des notesen times for senurnal explanations. Every kine on a journal paper is used for dette or credit entries. CNOW journals will automatica indent a crear entry when a credit amount is entered PAGE JOURNAL ACCOUNTING EQUATION DATE POSTRE DET CREDIT ASSETS LABLES EI DESCRIPTION Closing Entries 1 eBook Partnership Entries and Statement of Partners Equity Instructions Chart of Accounts Labels and Amount Descriptions Joumal Statement of Partnership Equity b. Prepare a statement of partnership equity for the current year for the partnership or recco and Rosenfeld Be sure to complete the statement heading Rotor to the storLabel and Amount Descriptions provided for the exact wording of the answer choices for text entries of a net loss is incurred or there is a decrease in partnership equity enter that amount as a negative number using a minun sign Wan amount box does not require an entry, leave it blank Grocco and Rosenfeld Statement of Partnership Equity (Label Lorraine Grecco Carrie Rosenfeld Total