Required information P11-12 (Algo) (Chapter Supplement) Comparing the Equity Sections for Alternative Forms of Organization LO11-1, 11-7 [The following information applies to the questions displayed below.] Assume for each of the following independent cases that the annual accounting period ends on December 31 . Revenues for the year were $157,000. Expenses for the year were $184,000. Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a balance of $63,000 and the drawing account shows a balance of $9,000. Case B: Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owners' equity accounts reflect the following balances: A, Capital, $54,000; B, Capital, $54,000; A, Drawings, $9,000; and B. Drawings, \$11,000. Profits and losses are divided equally. Case C: Assume that the company is a corporation. Journal entry worksheet 2 4 5 Record closing entry to transfer revenue and expenses. Note: Enter debits before credits. Journal entry worksheet Record closing entry to close drawings. Note: Enter debits before credits. Journal entry worksheet 5 Record closing entry to transfer revenue and expenses. Note: Enter debits before credits. Journal entry worksheet 1 Record closing entry to close drawings. Note: Enter debits before credits. Journal entry worksheet 1 2 Record closing entry to transfer revenue and expenses. Note: Enter debits before credits