When partners invest in a partnership, their capital accounts are debited for the amount invested. True False Partners' withdrawals are debited to their separate withdrawals accounts. True False Partners can invest assets but not liabilities into a partnership. True False The withdrawals account of each partner is closed to retained earnings at the end of the accounting period. True False In closing the accounts at the end of a period, the partners' capital accounts are credited for their share of the partnership net income or debited for their share of the partnership loss. True False In the absence of a partnership agreement, the law says that income of a partnership will be shared equally by the partners. True False Salary allowances are reported as salaries expense on a partnership income statement. True False The statement of changes in partners' equity shows the beginning balance in retained earnings, plus investments, less withdrawals, plus the income (or less the loss) and the ending balance in retained earnings, True False The equity section of the balance sheet of partnership can report the separate capital account balances of each partner. True False Even if partners devote their time and services to their partnership, their salaries are not expenses on the income statement. True False