Question
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
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 $421,000. The articles of partnership make no reference to the division of net income.
Question Content Area
a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank.
blankCarrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingExpensesLorraine Grecco, CapitalLorraine Grecco, Drawing- Select -- Select - Carrie Rosenfeld, DrawingCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, DrawingRevenues- Select -- Select -Question Content Area
Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.
blankCarrie Rosenfeld, DrawingCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCashLorraine Grecco, CapitalLorraine Grecco, DrawingRevenues- Select -- Select - Carrie Rosenfeld, CapitalCarrie Rosenfeld, DrawingCashLorraine Grecco, CapitalRevenues- Select -- Select -Question Content Area
b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. If an amount is zero or a blank, enter in 0.
Lorraine GreccoCarrie RosenfeldTotalBalances, January 1, 20Y4$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_15Step by Step Solution
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