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It is now 12/31/21 and your partnership has the following revenue/expenses for the year: ...

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Accounting

It is now 12/31/21 and your partnership has the following revenue/expenses for the year:
Revenue - $625,000
Expenses - $595,000
Prepare the closing entries for your partnership. Remember, you must allocate the net income in the
way in which you decided in your previous assignment.
Assuming no additional investments during the year prepare the Statement of Partnership Equity.
Complete the files titled Project Part Two and Statement of Partnership Equity
It is now 12/31/2025 and you have decided to liquidate your partnership. After closing the books for
2025 your partnership has the following account balances:
Account Title Debit Credit
Cash 4000
Inventory 40000
Other Assets 150,000
Liabilities 44,000
Partner One Capital (You)75,000
Partner Two Capital (Your
Friend)75,000
The noncash assets are sold for $211,000
Use the file titled Project Part Three to complete the journal entries necessary to record the partnership
liquidation:

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