The capital accounts of Angel Alvarez and Emma Allison have balances of $105,000 and $77,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $12,000. During the year, Alvarez and Allison withdrew $57,000 and $46,000, respectively, and net income for the year was $146,000. Revenues were $567,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank. Angel Alvarez, Capital fill in the blank e37f5f05b059f91_2 fill in the blank e37f5f05b059f91_3 Emma Allison, Capital fill in the blank e37f5f05b059f91_5 fill in the blank e37f5f05b059f91_6 Emma Allison, Drawing fill in the blank e37f5f05b059f91_8 fill in the blank e37f5f05b059f91_9 fill in the blank e37f5f05b059f91_11 fill in the blank e37f5f05b059f91_12 Feedback a. Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts. Journalize the entry to close the drawing accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. fill in the blank 100167ffb009031_2 fill in the blank 100167ffb009031_3 fill in the blank 100167ffb009031_5 fill in the blank 100167ffb009031_6 fill in the blank 100167ffb009031_8 fill in the blank 100167ffb009031_9 fill in the blank 100167ffb009031_11 fill in the blank 100167ffb009031_12 Feedback a. Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts. b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. If an amount is zero or a blank, enter in 0. Menendez and Breeden Statement of Partnership Equity For the Year Ended December 31, 20Y4 Angel Alvarez Emma Allison Total Balances, January 1, 20Y4 $fill in the blank c58dea01902d07a_1 $fill in the blank c58dea01902d07a_2 $fill in the blank c58dea01902d07a_3 Additional investment during the year fill in the blank c58dea01902d07a_4 fill in the blank c58dea01902d07a_5 fill in the blank c58dea01902d07a_6 Net income for the year fill in the blank c58dea01902d07a_7 fill in the blank c58dea01902d07a_8 fill in the blank c58dea01902d07a_9 Withdrawals during the year fill in the blank c58dea01902d07a_10 fill in the blank c58dea01902d07a_11 fill in the blank c58dea01902d07a_12 Balances, December 31, 20Y4 $fill in the blank c58dea01902d07a_13 $fill in the blank c58dea01902d07a_14 $fill in the blank c58dea01902d07a_15

The capital accounts of Angel Alvarez and Emma Allison have balances of $105,000 and $77,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. On March 10, Alvarez invested an additional $12,000. During the year, Alvarez and Allison withdrew $57,000 and $46,000, respectively, and net income for the year was $146,000. Revenues were $567,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank. Angel Alvarez, Capital fill in the blank e37f5f05b059f91_2 fill in the blank e37f5f05b059f91_3 Emma Allison, Capital fill in the blank e37f5f05b059f91_5 fill in the blank e37f5f05b059f91_6 Emma Allison, Drawing fill in the blank e37f5f05b059f91_8 fill in the blank e37f5f05b059f91_9 fill in the blank e37f5f05b059f91_11 fill in the blank e37f5f05b059f91_12 Feedback a. Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts. Journalize the entry to close the drawing accounts. For a compound transaction, if an amount box does not require an entry, leave it blank. fill in the blank 100167ffb009031_2 fill in the blank 100167ffb009031_3 fill in the blank 100167ffb009031_5 fill in the blank 100167ffb009031_6 fill in the blank 100167ffb009031_8 fill in the blank 100167ffb009031_9 fill in the blank 100167ffb009031_11 fill in the blank 100167ffb009031_12 Feedback a. Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts. b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. If an amount is zero or a blank, enter in 0. Menendez and Breeden Statement of Partnership Equity For the Year Ended December 31, 20Y4 Angel Alvarez Emma Allison Total Balances, January 1, 20Y4 $fill in the blank c58dea01902d07a_1 $fill in the blank c58dea01902d07a_2 $fill in the blank c58dea01902d07a_3 Additional investment during the year fill in the blank c58dea01902d07a_4 fill in the blank c58dea01902d07a_5 fill in the blank c58dea01902d07a_6 Net income for the year fill in the blank c58dea01902d07a_7 fill in the blank c58dea01902d07a_8 fill in the blank c58dea01902d07a_9 Withdrawals during the year fill in the blank c58dea01902d07a_10 fill in the blank c58dea01902d07a_11 fill in the blank c58dea01902d07a_12 Balances, December 31, 20Y4 $fill in the blank c58dea01902d07a_13 $fill in the blank c58dea01902d07a_14 $fill in the blank c58dea01902d07a_15

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

a. Journalize the entry to close the revenues and expenses. For a compound transaction, if an amount box does not require an entry, leave it blank.

Angel Alvarez, Capital	fill in the blank e37f5f05b059f91_2	fill in the blank e37f5f05b059f91_3
Emma Allison, Capital	fill in the blank e37f5f05b059f91_5	fill in the blank e37f5f05b059f91_6
Emma Allison, Drawing	fill in the blank e37f5f05b059f91_8	fill in the blank e37f5f05b059f91_9
	fill in the blank e37f5f05b059f91_11	fill in the blank e37f5f05b059f91_12

Feedback

a. Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts.

Journalize the entry to close the drawing accounts. For a compound transaction, if an amount box does not require an entry, leave it blank.

		fill in the blank 100167ffb009031_2	fill in the blank 100167ffb009031_3
		fill in the blank 100167ffb009031_5	fill in the blank 100167ffb009031_6
		fill in the blank 100167ffb009031_8	fill in the blank 100167ffb009031_9
		fill in the blank 100167ffb009031_11	fill in the blank 100167ffb009031_12

Feedback

a. Close revenue and expenses to the capital accounts. Close the drawing accounts to the capital accounts.

b. Prepare a statement of partnership equity for the current year for the partnership of Alvarez and Allison. If an amount is zero or a blank, enter in 0.

Menendez and Breeden
Statement of Partnership Equity
For the Year Ended December 31, 20Y4
	Angel Alvarez	Emma Allison	Total
Balances, January 1, 20Y4	$fill in the blank c58dea01902d07a_1	$fill in the blank c58dea01902d07a_2	$fill in the blank c58dea01902d07a_3
Additional investment during the year	fill in the blank c58dea01902d07a_4	fill in the blank c58dea01902d07a_5	fill in the blank c58dea01902d07a_6
Net income for the year	fill in the blank c58dea01902d07a_7	fill in the blank c58dea01902d07a_8	fill in the blank c58dea01902d07a_9
Withdrawals during the year	fill in the blank c58dea01902d07a_10	fill in the blank c58dea01902d07a_11	fill in the blank c58dea01902d07a_12
Balances, December 31, 20Y4	$fill in the blank c58dea01902d07a_13	$fill in the blank c58dea01902d07a_14	$fill in the blank c58dea01902d07a_15

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