Partnership Entries and Statement of Partnership Equity

The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $$110,000$ and $$79,000,$ respectively, on January $1,20$Y$4,$ the beginning of the fiscal year. On March $10,$ Grecco invested an additional $$12,000.$ During the year, Grecco and Rosenfeld withdrew $$58,000$ and $$47,000,$ respectively, and net income for the year was $$150,000.$ Revenues were $$571,000,$ and expenses were $$421,000.$ The articles of partnership make no reference to the division of net income.

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a$.$ Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank.

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

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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 $31,20$Y$4$

Lorraine Grecco Carrie Rosenfeld Total

Balances, January $1,20$Y$4$ $fill in the blank $631$dfb$04$af$9$df$86\_1$

$fill in the blank $631$dfb$04$af$9$df$86\_2$

$fill in the blank $631$dfb$04$af$9$df$86\_3$

Additional investment during the year fill in the blank $631$dfb$04$af$9$df$86\_4$

fill in the blank $631$dfb$04$af$9$df$86\_5$

fill in the blank $631$dfb$04$af$9$df$86\_6$

Net income for the year fill in the blank $631$dfb$04$af$9$df$86\_7$

fill in the blank $631$dfb$04$af$9$df$86\_8$

fill in the blank $631$dfb$04$af$9$df$86\_9$

Withdrawals during the year fill in the blank $631$dfb$04$af$9$df$86\_10$

fill in the blank $631$dfb$04$af$9$df$86\_11$

fill in the blank $631$dfb$04$af$9$df$86\_12$

Balances, December $31,20$Y$4$ $fill in the blank $631$dfb$04$af$9$df$86\_13$

$fill in the blank $631$dfb$04$af$9$df$86\_14$

$fill in the blank $631$dfb$04$af$9$df$86\_15$