Dr. J. Kovak and Dr. S. Donovan have been operating a dental practice as a partnership for several years. The fixed profit and loss ratio is 60% for Dr. Kovak and 40% for Dr. Donovan. The dental practice had the following general ledger account balances at November 30, 2024, its fiscal year end:

Cash ...........................................................................................$ 33,900 

Supplies ......................................................................................16,150

Equipment ..................................................................................176,300 

Accumulated depreciation—equipment ................................41,450 

Accounts payable ....................................................................... 15,700 

Note payable, due 2025............................................................. 56,000 

J. Kovak, capital ............................................................................59,000 

J. Kovak, drawings ......................................................................142,000 

S. Donovan, capital .....................................................................33,000 

S. Donovan, drawings ................................................................ 94,000 

Service revenue............................................................................ 425,000 

Salaries expense ...........................................................................80,100 

Office expense ...............................................................................83,600 

Interest expense  .............................................................................4,100

Instructions 

a. Prepare financial statements for the partnership. 

b. Prepare closing entries.