DE12-6 Link Back to Chapter 4 (Closing Entries). Return to the Benz and Hanna balance sheet in Exhibit 12-3. page 471. The partnership earned $115,000 during the year ended May 31, 20X6, its first year of operation. The partners share profits and losses based on their capi- tal balances at the beginning of the year. During the first year, Benz withdrew $70,000 cash from the business and Hanna's drawings totaled $50,000. 1. Journalize the entries for

(a) partner withdrawals of cash.

(b) closing the business's profits into the partner's capital accounts at May 31, 20X6, and

(c) closing the partners' drawing accounts. 2. Post to the partners' capital accounts after inserting their beginning amounts. What is the amount of total partnership capital at May 31, 20X6?