Exercise 11-3 Journalizing partnership entries LO 2, 3 On February 1, 2020, Tessa Williams and Audrey Xle formed a partnership in Ontario, Williams contributed $81,000 cash and Xie contributed land valued at $121,000 and a small building valued at $181.000. Also, the partnership assumed responsibility for Xie's $131,000 long-term note payable associated with the land and building. The partners agreed to share profit or loss as follows: Williams is to recelve an annual salary allowance of 591,000, both are to receive an annual interest allowance of 15% of their original capital Investments, and any remaining profit or loss is to be shared equally. On November 20, 2020, Williams withdrew cash of $61,000 and Xie withdrew $46,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the income Summary account had o credit balance of S161,000 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 Journal entry worksheet 0 3 4 Record the entry to close withdrawals accounts. Noter Enter debits before credits General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general journal Pro 1 of 7 !!! Next > 2. Determine the balances of the partners' capital accounts as of the end of 2020. Williams Xie Capital account balances