[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 $27,000.

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 $54,000 and the drawing account shows a balance of $6,000.
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, $60,000; B, Capital, $60,000; A, Drawings, $8,000; and B, Drawings, $10,000. 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 $10, authorized 42,000 shares, outstanding 18,000 shares; Capital in Excess of Par, $5,000; Retained Earnings, $67,000.

12.

value: 10.00 points

Required information

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