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Partnership Entries and Statement of Partnership Equity

The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $107,000 and $77,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $12,000. During the year, Grecco and Rosenfeld withdrew $57,000 and $46,000, respectively, and net income for the year was $146,000. Revenues were $567,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income.

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a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank.

blank	Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues	- Select -	- Select -
	Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingExpensesLorraine Grecco, CapitalLorraine Grecco, Drawing	- Select -	- Select -
	Carrie Rosenfeld, DrawingCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues	- Select -	- Select -
	Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, DrawingRevenues	- Select -	- Select -

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Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.

blank	Carrie Rosenfeld, DrawingCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues	- Select -	- Select -
	Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, DrawingRevenues	- Select -	- Select -
	Carrie Rosenfeld, CapitalCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues	- Select -	- Select -
	Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, CapitalRevenues	- Select -	- Select -

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b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. If an amount is zero or a blank, enter in 0.

Grecco and Rosenfeld Statement of Partnership Equity For the Year Ended December 31, 20Y4

	Lorraine Grecco	Carrie Rosenfeld	Total
Balances, January 1, 20Y4	$fill in the blank 63e5ebfbc03bfbf_1	$fill in the blank 63e5ebfbc03bfbf_2	$fill in the blank 63e5ebfbc03bfbf_3
Additional investment during the year	fill in the blank 63e5ebfbc03bfbf_4	fill in the blank 63e5ebfbc03bfbf_5	fill in the blank 63e5ebfbc03bfbf_6
Net income for the year	fill in the blank 63e5ebfbc03bfbf_7	fill in the blank 63e5ebfbc03bfbf_8	fill in the blank 63e5ebfbc03bfbf_9
Withdrawals during the year	fill in the blank 63e5ebfbc03bfbf_10	fill in the blank 63e5ebfbc03bfbf_11	fill in the blank 63e5ebfbc03bfbf_12
Balances, December 31, 20Y4	$fill in the blank 63e5ebfbc03bfbf_13	$fill in the blank 63e5ebfbc03bfbf_14	$fill in the blank 63e5ebfbc03bfbf_15