SAC & Company is a partnership owned by K. Santiago, R. Astorga, and J. Camino, who share profits and losses in the ratio of 1:3:4. The adjusted trial balance of the partnership (in condensed form) at June 30, 2014, follows.

Required
1. Prepare the June 30, 2014, entries to close the Revenue, Expense, Income Summary, and Withdrawals accounts.
2. Using T-accounts, insert the opening balances in the partners' Capital accounts, post the closing entries to the Capital accounts, and determine each partner's ending Capital balance.

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SAC&COMPANY Adjusted Trial Balance June 30, 2014 $ 166,000 800,000 Cash Noncash assets Liabilities K. Santiago, capital R. Astorga, capital J. Camino, capital K. Santiago, withdrawals R. Astorga, withdrawals J. Camino, withdrawals Revenues Expenses Totals $690,000 152,000 282,000 428,000 126,000 272,000 312,000 748,000 624,000 $2,300,000 $2,300,000