The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $64,000 and $99,000, respectively, on January 1, 20Y4, the beginning of the fiscal year. OnMarch 10, Grecco invested an additional $11,000. During the year, Grecco and Rosenfeld withdrew $43,000 and $53,000, respectively, and net income for the year was$84,000. Revenues were $654,000, and expenses were $570,000. The articles of partnership make no reference to the division of net income.a. Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.

We know that, all the incomes and expenses accounts have to be closed to the income statement. But…

Answered: The capital accounts of Lorraine Grecco…

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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