Jill Emerson owned a pet shop. On August 1, 2003, Emerson accepted Allan Jacobs as a partner.

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Jill Emerson owned a pet shop. On August 1, 2003, Emerson accepted Allan Jacobs as a partner. At that time, Emerson’s capital account showed a balance of $135,000. Jacobs contributed $90,000 cash for a 40% share in both capital and earnings. During the rest of 2003, the following transactions took place:

a. Emerson withdrew $12,000 and Jacobs withdrew $4,000. _ Emerson invested another $4,500 cash, and Jacobs contributed a truck valued at $6,000.

c. Net income from August 1, 2003, through December 31, 2003, was $26,700, which included $66,700 of revenues and $40,000 of expenses. Given this information: 1. Prepare the journal entries (including closing entries) for the transactions. 2. Prepare a statement of partners’ capital for the 5 months ending December 31, 2003, for the Emerson and Jacobs partnership.

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