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Partnership entries and statement of partners' equity The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January
Partnership entries and statement of partners' equity The capital accounts of Angel Alvarez and Emma Allison have balances of $47,000 and $73,000, respectively, on January 1, 2016, the beginning of the fiscal year. On March 10, Alvarez invested an additional $8,000. During the year, Alvarez and Allison withdrew $32,000 and $39,000, respectively, and net income for the year was $62,000. The articles of partnership make no reference to the division of net income. Journalize the entries to close (1) the income summary account and (2) the drawing accounts. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison
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