Assume for each of the following independent cases that the annual accounting period ends on December 3 1 . 2003. and that the Income Summary account at that date reflected a debit balance t loss)

of $20,000.

Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflected a credit balance of $50,000 and the drawings account 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 reflected the following balances: A, Capital, $40,000;
B. Capital, $38,000; A, Drawings, $5,000; and B, Drawings, $9,000. Profits and losses are divided equally.
Case C: Assume that the company is a corporation. Prior to the closing entries, the stockholders'
equity accounts showed the following: Capital Stock, par $10, authorized 30,000 shares, outstanding 15,000 shares; Capital in excess of Par, $5,000; Retained Earnings, $65,000.
Required: 1. Give all the closing entries indicated at December 3 1 , 2003, for each of the separate cases. 2. Show how the Owners' Equity section of the balance sheet would appear at December 3 1 . 2003, for each case.