Below is an alphabetical listing of the accounts in the general ledger of Clay and Ogletree, LLP, at the partnership's fiscal year end, September 30, 2017. Adjusting entries for the year have been posted and included in these balances.

Additional information:
1. The balance in Clay's capital account includes an additional investment of $10,000 made during the year.
2. $5,000 of the note payable is due within the next year.
3. Clay and Ogletree share profit and loss in the ratio of 3:2, respectively.
Instructions
(a) Prepare an income statement, statement of partners' equity, and balance sheet.
(b) Journalize the closing entries.
TAKING IT FURTHER
Should the two partners draw equal amounts each year? Both of them work full-time for the partnership.

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Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Depreciation expense Equipment Fees earned G. Clay, capital G. Clay, drawings Insurance expense Interest expense M. Ogletree, capital M. Ogletree, drawings Note payable Prepaid insurance Property tax expense Salaries expense Unearned revenue s 21,500 105,000 12,000 13,500 12,000 60,000 515,000 75,000 150,000 18,500 5,000 37,500 100,000 22,500 3,500 15,000 225,000 24,000