The capital accounts of Angel Alvarez and Emma Alison have balances of $45,730 and $70,240, respectively, on January 1, 2014, the beginning of the fiscal year. On March 10, Alvarez invested an additional $7,700. During the year. Alvarez and Allison withdrow $32.920 and $38,850, respectively, and not income for the year was $2,000. Revenues were $483,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. Required: A. Joumalize the entries to close (1) the revenues and expenses and (2) the craving accounts on December 31. Peter 10 the Chart of Accounts for exact wording of accounts Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Alon Refer to the Amount Descriptions list provided for the exact wording of the newer choices for text entries. PAGE 10 JOURNAL Score: 64/99 ACCOUNTING EQUATION DATE POST. REE BERIT CREDIT ASSETS LABLES EQUITY DESCRIPTION Closing Entries Dec 31 Income Summary 82,000.00 41.000.00 1 1 41.000.00 4 1 57,920.00 Angel Alvarez, Capital Emma Allison Capital Dec. 31 Angel Alvarez, Capital Emma Allison, Capital Angel Alvarez, Drawing Emma Allison, Drawing 1 38,850.00 37,920.00 1 38,850.00 T B. Prepare a statement of partnership aquity for the current year for the partnership of Alvarez and Altsen. Hefer to the information given and the fist of Amount Descriptions provided for the exact wording of the answer choices for text entries. It there is a decrease in partner's equity, enter that amount as a negative number coing a monus sign Question not attempted Score: 0/87 ALVAREZ AND ALLISON Statement of Partnership Equity For the Year Ended December 31, 2044 Angel Alvarea Capital Enna Allison Capital Total Partnership Capital 5 Points 0719