[The following information applies to the questions displayed below.]

Assume for each of the following independent cases that the annual accounting period ends on December 31, 2014, and that the revenue and expense accounts at that date reflect a loss of $23,000.

Case A:

Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a credit balance of $67,000 and the drawing account shows a balance of $8,000.

Case B:

Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owners equity accounts reflect the following balances: A, Capital, $45,000; B, Capital, $45,000; A, Drawings, $6,000; and B, Drawings, $8,000. Profits and losses are divided equally.

Case C:

Assume that the company is a corporation. Prior to the closing entries, the stockholders equity accounts show the following: Common Stock, par $13, authorized 43,000 shares, outstanding 22,000 shares; Capital in Excess of Par, $14,000; Retained Earnings, $81,000.

Required:

1.

Prepare the closing entries indicated at December 31, 2014, for each of the separate cases. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.	How the owners equity section of the balance sheet would appear at December 31, 2014, for each case.

Case A: Sole Proprietorship

Case B: Partnership

Case C: Corporation