$$ SY&I is a partnership owned by T$.$ Shitang, D$.$ Yamamoto, and J$.$ Ishikawa, who share profits and losses in the ratio of $2$:$3$:$5$ respectively. The adjusted trial balance of the partnership $($in condensed form$)$ at September $30,2023,$ follows:

sy&i

Adjusted trial Balance

september$30,2023$

cash $ $110,000$

noncash assets $ $389,000$

liabilies $ $319,000$

T shitang, capital $ $125,000$

D yamamoto, capital $ $97,000$

J ishikawa capital $ $46,000$

T shitang, withdrawals $ $99,000$

D yamamoto, withdrawals $ $81,000$

J ishikawa $,$withdrawals $ $40,000$

Revenues $ $928,000$

expenses $ $796,000$

total $ $1,515,000$ $ $1,515,000$

equired

$1.$ Prepare the September $30,2023,$ entries to close the Revenues, Expenses, Income Summary, and Withdrawals accounts.

$2.$ Using T$-$accounts, insert the opening Capital balances in the partner Capital accounts, post the closing entries to the Capital accounts and determine each partner$$s ending Capital balance.

Answer rating: 100% (QA)

1 Closing Entries for September 30 2023 To close the Revenues Expenses Income Summary and Withdrawal... View the full answer