Cash Exercise 15-2 Tom and Julie formed a management consulting partnership on January 1, 2016. The fair value of the net assets invested by each partner follows: Tom Julie $14,100 $12,000 Accounts receivable 8,200 6,500 Office supplies 2,000 700 Office equipment 28,800 Land 29,000 Accounts payable 2,100 4,500 Mortgage payable 20,700 During the year, Tom withdrew $15,800 and Julie withdrew $12,000 in anticipation of operating profits. Net profit for 2016 was $45,100, which is to be allocated based on the original net capital investment. (a) Prepare journal entries to: 1. Record the initial investment in the partnership. 2. Record the withdrawals 3. Close the Income Summary and Drawing accounts. (Round intermediate calculations to 6 decimal places, e.g. 1.576843 answers to o decimal places, e.g. 5,125. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) No. Account Titles and Explanation Debit Credit 1. 1 (To record initial investment by Tom) (To record initial investment by Julie) 2. (To record Tom's drawings) (To record Julie's drawings) 3. (To close income summary account) (To close drawings accounts)