Help Save & Exit Submit On February 1, 2020, Tessa Williams and Audrey Xe formed a partnership in Ort Wilms contributed 584.000 cash and Xe contributed land valued at $124000 and a small building valued at $184000. Also the partnership issumed responsibility for le's $134,000 long term note payable associated with the land and building. The parts agreed to share profit or loss as follows: Williams Is to receive an annual salary allowance of $94.000 both are to receive an annual interest allowance of t% of the original capit Investments, and any remaining profit or loss is to be shared equally On November 20, 2020, Wiliams withdrew cash of 564000 and Xie withdrew $49000. After the adjusting entries and the closing entries to the revenue and expense accounts, the income Summary account had a credit balance of $164,000 Required: 1. Present general journal entries to record the initial capital investments of the partners, the cash withdrawals and the December 31 closing of the income Summary and withdrawals accounts