(Algo) Journalizing partnership transactions

Exercise 127 (Algo) Journalizing partnership transactions LO P2 On March 1, Eckert and Kelley formed a partnership. Eckert contributed $89,000cash, and Kelley contributed land valued at $71,200 and a building valued at $101,200. The partnership also took Kelley's $79.000 long-term note payable associated with the land and building. The partners agreed to share income as follows. Eckert gets an annual salary allowance of $29,500, both get an annual interest allowance of 1% of their initial capital investment, and any remaining income or loss is shared equally. On October 20 , Eckert withdrew $31,000 cash and Kelley withdrew $24,000 cash. First year income was $77,000. Required: 10. \& 1b. Prepare journal entries to record the partners' initial capital investments and their subsequent cash withdrawals. ic. Determine the partners' shares of income, and then prepare journal entries to close Income Summary and the partners' withdrawals accounts: 2. Determine the balances of the partners' capital accounts as of December 31 . Complete this question by entering your answers in the tabs below. Prepare joumal entries to record the partners' initial capital investments and their subsequent cash withdrawals. Prepare journal entries to record the partners' initial capital investments and their subse Record the partners' initial capital investment. 2 Record the cash withdrawal of Eckert ($31,000) and Kelley ($24,000). natarmina tha nartnors' shares of income. and then prepare iournal entries to close Income Summary and the partners' Required: 1a. \& 1b. Prepare journal entries to record the partners' initial capital investments and their subse 1c. Determine the partners' shares of income, and then prepare journal entries to close income S accounts. 2. Determine the balances of the partners' capital accounts as of December 31 . Complete this question by entering your answers in the tabs below. Determine the balances of the partners' capital accounts as of December 31