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The capital accounts of Heidi and Moss have balances of $90,000 and $65,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Heidi invested an additional $8,000. During the year, Heidi and Moss withdrew $40,000 and $32,000, respectively. Revenues were $540,000 and expenses were $420,000 for the year. The articles of partnership make no reference to the division of net income.

Required:

1. Prepare a statement of partners' equity for the partnership of Heidi and Moss. If an amount box does not require an entry, leave it blank. Enter all amounts as positive numbers.

Heidi and Moss
Statement of Partners' Equity
For the Year Ended December 31
ACCOUNT NAME	Heidi	Moss	Total
	$	$	$
	$	$	$
	$	$	$
	$	$	$

2. Journalize the entries to:

1. Close the revenue and expenses account.
2. Close the drawing accounts.

If an amount box does not require an entry, leave it blank.

a.
b.