Entries andbBalance sheet for partnership

On April $1,20$Y$1,$ Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $$15,900$ cash and inventory valued at $$42,900.$ Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $$107,000.$ Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:

Line Item Description Capri's Ledger

Balance Agreed$-$Upon

Balance

Accounts Receivable $$24,300$ $$19,700$

Allowance for Doubtful Accounts $1,1001,400$

Inventory $28,30037,900$

Equipment $47,700$

Accumulated Depreciation$$Equipment $15,900$

Subtotal $46,300$

Accounts Payable $8,6008,600$

Notes Payable $($current$)5,2005,200$

The partnership agreement includes the following provisions regarding the division of net income: interest of $10\%$ on original investments, salary allowances of $$47,700($Lang$)$ and $$29,100($Capri$),$ and the remainder equally.After adjustments at March $31,20V2,$ the end of the first full year of operations, the revenues were $$433,000$ and expenses

were $$294,000,$ for a net income of $$139,000.$ The drawing accounts have debit balances of $$49,000($Lang$)$ and $$42,000$

$($Capri$).$ Journalize the entries to close the revenues and expenses and the drawing accounts at March $31,20$V$2.$ If an amount

bou does not require an entry, leave it blank.