Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. (Prepare compound entries. Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by closing the Income Summary account on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Now journalize the closing of the partner Withdrawal accounts on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Lawson and Rafferty formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lawson contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: (Click the icon to view the book and market values of the sole proprietorship.) A (Click the icon to view additional information.) Read the requirements. Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the contribution made by Lawson. Date Accounts and Explanation Debit Credit Requirements Mar. 15 1. Journalize the partners' initial contributions. 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. Print Done Now journalize the contribution made by Rafferty. Date Accounts and Explanation Debit Credit Mar. 15 Requirement 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Lawson and Rafferty Balance Sheet March 15, 2018 Assets Liabilities Partners' Equity Total Partners' Equity Total Assets Total Liabilities and Partners' Equity Requirement 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. (Prepare compound entries. Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by closing the Income Summary account on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Now journalize the closing of the partner Withdrawal accounts on December 31. Date Accounts and Explanation Debit Credit Dec. 31 Lawson and Rafferty formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lawson contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: (Click the icon to view the book and market values of the sole proprietorship.) A (Click the icon to view additional information.) Read the requirements. Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing the contribution made by Lawson. Date Accounts and Explanation Debit Credit Requirements Mar. 15 1. Journalize the partners' initial contributions. 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. 3. Journalize the closing of the Income Summary and partner Withdrawal accounts on December 31, 2018. Print Done Now journalize the contribution made by Rafferty. Date Accounts and Explanation Debit Credit Mar. 15 Requirement 2. Prepare the partnership balance sheet immediately after its formation on March 15, 2018. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Lawson and Rafferty Balance Sheet March 15, 2018 Assets Liabilities Partners' Equity Total Partners' Equity Total Assets Total Liabilities and Partners' Equity
