Partnership Entries and Statement of partnership Equity The capital accounts of Angel Alvarez and Emma Allison have balances of $86,000 and $60,000, respectively, on January 1, 2014, the beginning of the fiscal year. On March 10, Alvarez invested an additional $9,000. During the year, Alvarez and Allison withdrew $44,000 and $36,000, respectively, and net income for the year was $114,000. Revenues were $535,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income, a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank. Angel Alvarez, Capital x 57,000 X Emma Allison, Capital X 57.000 Feedback Check My Work a. Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts