The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $90,000 and $63,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Grecco invested an additional $9,000. During the year, Grecco and Rosenfeld withdrew $47,000 and $38,000, respectively, and net income for the year was $120,000. Revenues were $541,000, 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.

blankCarrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingExpensesLorraine Grecco, CapitalLorraine Grecco, Drawing- Select -- Select - Carrie Rosenfeld, DrawingCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, DrawingRevenues- Select -- Select -

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

blankCarrie Rosenfeld, DrawingCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, CapitalRevenues- Select -- Select -

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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.

Lorraine GreccoCarrie RosenfeldTotalBalances, January 1, 20Y4$fill in the blank ca2b0bff007dfab_1$fill in the blank ca2b0bff007dfab_2$fill in the blank ca2b0bff007dfab_3Additional investment during the yearfill in the blank ca2b0bff007dfab_4fill in the blank ca2b0bff007dfab_5fill in the blank ca2b0bff007dfab_6Net income for the yearfill in the blank ca2b0bff007dfab_7fill in the blank ca2b0bff007dfab_8fill in the blank ca2b0bff007dfab_9Withdrawals during the yearfill in the blank ca2b0bff007dfab_10fill in the blank ca2b0bff007dfab_11fill in the blank ca2b0bff007dfab_12Balances, December 31, 20Y4$fill in the blank ca2b0bff007dfab_13$fill in the blank ca2b0bff007dfab_14$fill in the blank ca2b0bff007dfab_15