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Lang and Capri Balance Sheet April 1, 2041 Assets Current assets: $ Total current assets $ Property, plant, and equipment: Total assets $ Liabilities Current

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Lang and Capri Balance Sheet April 1, 2041 Assets Current assets: $ Total current assets $ Property, plant, and equipment: Total assets $ Liabilities Current liabilities: $ Total liabilities Liabilities Current liabilities: Total liabilities Partners' Equity $ Total partners' equity Total liabilities and partners' equity 3. After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $496,000 and expenses were $380,000, for a net income of $116,000. The drawing accounts have debit balances of $41,000 (Lang) and $35,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. If an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT Mar. 31 Mar. 31 III Lang and Capri Balance Sheet April 1, 2041 Assets Current assets: $ Total current assets $ Property, plant, and equipment: Total assets $ Liabilities Current liabilities: $ Total liabilities Liabilities Current liabilities: Total liabilities Partners' Equity $ Total partners' equity Total liabilities and partners' equity 3. After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $496,000 and expenses were $380,000, for a net income of $116,000. The drawing accounts have debit balances of $41,000 (Lang) and $35,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. If an amount box does not require an entry, leave it blank. ACCOUNT DEBIT CREDIT Mar. 31 Mar. 31

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