ABC is a partnership owned by Alders, Byron, and Calvin, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follows:

Adjusted Trial Balance
June 30, 2014

Account Title
Cash $33,000DR
Non-Cash Assets $117,000DR
Notes Payable $32,000CR
Alders, Capital $22,000CR
Byron, Capital $50,000CR
Calvin, Capital $53,000CR
Alders, Withdrawals $9,000DR
Bryon, Withdrawals $27,000DR
Calvin, Withdrawals $49,000DR
Sales Revenue $164,000CR
Salaries Expense $74,000DR
Rent Expense $12,000DR
Total $321,000DR $321,000CR

1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts.
2. Open each partner’s capital T-accounts with the adjusted balance, post the closing entries to their accounts, and determine each partner’s ending capital balance.
3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000.