The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of

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. On March 10, Grecco invested an additional $11,000. During the year, Grecco and Rosenfeld $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 entries to close 

(1) The revenues and expenses and 

(2) The drawing accounts.

b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld.

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