Question: 1) Shawn, Dan and Mitchell start Cable Source partnership on January 14, Shawn invests $30000 cash and $10000 of Equipment. Dan and Mitch invest 20000,

1) Shawn, Dan and Mitchell start Cable Source partnership on January 14, Shawn invests $30000 cash and $10000 of Equipment. Dan and Mitch invest 20000, and $10,000 cash respectively. Income is distribution based on each owners % proportion of capital. Show the journal entry(s). 2) On January 30th Shawn sells half of his partnership interest to Phil for $25,000 cash. Show the entry (s). 3) On April 30th Dan withdraws from the partnership and receives $26,000. Income and loss sharing ratio's are equal for all partners. Show the entry (s). 4) June 1st Shawn withdraws $2000 cash. 5) December 31st Net income for the partnership is $60,000. Show me a Partnership Statement of Owners Equity. Show the entry (8) closing out Net Income and the withdrawals account for the partnership. What is each partners ending capital balance

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