CH On February 1 2020. Tessa Williams and Audrey Xie formed a partnership in Ontatio Williams contributed $80,000 cash and Xie contributed land valued at $120,000 and a small building valued at $180,000. Also, the partnership assumed responsibility for Xie's $130,000 long-term note payable associated with the land and building the partners agreed to share profit or loss as follows Williams is to receive an annual salary allowance of $90.000 both are to receive an annual interest allowance of 20% of their original capital investments and any remaining profit or loss isto be shared equally On November 20, 2020, Williams with drew cash of $60.000 and Xe withdrew $45.000 After the adjusting entres and the closing entries to the revenue and expense accounts, the income Summary account had a credit balance of $160,000 Required: 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the December 31 closing of the Income Summary and withdrawals accounts View transaction list View journal entry worksheet 2 No Date General Jual