Required: 1. Journalize the entries to record the investments of Suarez and Fritz in the partnership accounts. 2. Prepare a balance sheet as of October 1,20Y8, the date of formation of the partnership of Suarez and Fritz. 3. After adjustments at September 30, 20Y9, the end of the first full year of operations, the revenues were $294,170 and expenses were $204,500, for a net income of $89,670. The drawing accounts have debit balances of $27,510 (Suarez) and $30,160 (Fritz). Journalize the entries to close the revenues and expenses and the drawing accounts at September 30, 20 Y9. Chart of Accounts CHART OF ACCOUNTS Suarez and Fritz General Ledger ASSETS 110 Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 116 Inventory 117 Office Supplies 119 Prepaid Insurance 120 Land 123 Equipment 124 Accumulated Depreciation-Equipment LIABILITIES 210 Accounts Payable 211 Notes Payable 212 Interest Payable 213 Sales Tax Payable EQUITY 310 Tricia Fritz, Capital 311 Tricia Fritz, Drawing 312 Jacinto Suarez, Capital 313 Jacinto Suarez, Drawing REVENUE 410 Revenues EXPENSES 510 Expenses 521 Advertising Expense 522 Depreciation Expense-Equipment 529 Selling Expenses 533 Insurance Expense 534 Office Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense Labels and Amount Descriptions 1. Journalize the entries to record the investments of Suarez and Fritz in the partnership accounts. 2. Prepare a balance sheet as of October 1,20Y8, the date of formation of the parthership of Suarez and Fritz