Partnership Entries and Statement of Partnership Equity The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $103,000 and $73,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $11,000. During the year, Grecco and Rosenfeld withdrew $54,000 and $44,000, respectively, and net income for the year was $138,000. Revenues were $559,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Question Content Area a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. blank - Select - - Select -

- Select - - Select -

- Select - - Select -

- Select - - Select - Question Content Area Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank. blank - Select - - Select -

- Select - - Select -

- Select - - Select -

- Select - - Select - Question Content Area 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 $fill in the blank $fill in the blank

Additional investment during the year fill in the blank fill in the blank fill in the blank

Net income for the year fill in the blank fill in the blank fill in the blank Withdrawals during the year fill in the blank fill in the blank fill in the blank Balances, December 31, 20Y4 $fill in the blank $fill in the blank $fill in the blank