Partnership Entries and Statement of Partnership Equity

The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $92,000 and $64,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $10,000. During the year, Grecco and Rosenfeld withdrew $47,000 and $38,000, respectively, and net income for the year was $122,000. Revenues were $543,000, 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. If an amount box does not require an entry, leave it blank.

		fill in the blank 14f4a5fd600df81_2	fill in the blank 14f4a5fd600df81_3
		fill in the blank 14f4a5fd600df81_5	fill in the blank 14f4a5fd600df81_6
		fill in the blank 14f4a5fd600df81_8	fill in the blank 14f4a5fd600df81_9
		fill in the blank 14f4a5fd600df81_11	fill in the blank 14f4a5fd600df81_12

Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.

		fill in the blank 20719df93006020_2	fill in the blank 20719df93006020_3
		fill in the blank 20719df93006020_5	fill in the blank 20719df93006020_6
		fill in the blank 20719df93006020_8	fill in the blank 20719df93006020_9
		fill in the blank 20719df93006020_11	fill in the blank 20719df93006020_12

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 ba0c4601c03f014_1	$fill in the blank ba0c4601c03f014_2	$fill in the blank ba0c4601c03f014_3
Additional investment during the year	fill in the blank ba0c4601c03f014_4	fill in the blank ba0c4601c03f014_5	fill in the blank ba0c4601c03f014_6
Net income for the year	fill in the blank ba0c4601c03f014_7	fill in the blank ba0c4601c03f014_8	fill in the blank ba0c4601c03f014_9
Withdrawals during the year	fill in the blank ba0c4601c03f014_10	fill in the blank ba0c4601c03f014_11	fill in the blank ba0c4601c03f014_12
Balances, December 31, 20Y4	$fill in the blank ba0c4601c03f014_13	$fill in the blank ba0c4601c03f014_14	$fill in the blank ba0c4601c03f014_15