Chapter 12 Basic Homework eBook Partnership Entries and Statement of Partnership Equity The capital accounts of Lorraine Grecco and Carrie Rosenfeld have balances of $80,000 and $50,000, respectively, on January 1, 2004, the beginning of the focal year. On March 10, Grecos invested an additional $9.000. During the year, Grecco and Rosenfeld withdrew $43,000 and $35,000, respectively, and net income for the year was $110,000. Ravenues were $531,000, and expenses were $421,000. The articles of partnership make no reference to the division of net income. a. Joumalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank. Revenues Lorraine Grecco, Capital Carrie Rosenfeld, Capital $31,000 411,000 Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank Lorraine Grecco, Capital Carrie Rosenfeld, Capital Lorraine Grecce, Drawing Carrie Rosenfeld, Drawing, b. Prepare a statement of partnership equity for the current year for the partnership of Grecco and Rosenfeld. If an amount is zero or a blank, enter in 0. Grecco and Rosenfeld Statement of Partnership Equity For the Year Ended December 31, 2014 Lorraine Greve Carrie Rosenfeld, Total DYWANK