you are closing the books for a artnership in the month of January. As f January 1st You see ( $ 100,000 ) in listributions, ( $ 200,000 ) in contributions, 500,000 in Retained Earnings and Net ncome of ( $ 1,000 ). How should this be resented on the Balance Sheet? The distributions, contributions, retained earnings, and net income should all be liability accounts. The distributions, contributions, and retained earnings should all be closed to the partners' capital accounts as of January 1 st The distributions, contributions, and the net income should all be closed to Retained Earnings on January ( 1 mathrm{st} ) The distributions and contributions should be closed to retained earnings on January 1 st.

You are closing the books for a partnership in the month of January. As of January 1 st You see $100,000 in distributions, $200,000 in contributions, $500,000 in Retained Earnings and Net Income of $1,000. How should this be presented on the Balance Sheet? The distributions, contributions, retained earnings, and net income should all be liability accounts. The distributions, contributions, and retained earnings should all be closed to the partners' capital accounts as of January 1 st The distributions, contributions, and the net income should all be closed to Retained Earnings on January 1st The distributions and contributions should be closed to retained earnings on January 1 st