On January 2, 2005, Carle and Dody established Carle & Dody LLP, with Carle investing

$80,000 and Dody investing $70,000 on that date. The income-sharing provisions of the partnership contract were as follows:

1. Salaries of $30,000 per annum to each partner.

2. Interest at 6% per annum on beginning capital account balances of each partner.

3. Remaining income or loss divided equally.

Pre-salary income of Carle & Dody LLP for the month of January 2005 was $20,000. Neither partner had a drawing for that month.

Prepare journal entries for Carle & Dody LLP on January 31, 2005, to provide for partners’

salaries and close the Income Summary ledger account. Show supporting computations in the explanations for the entries.