I need help with filling out these journal entries.

Justice Co. was formed as a partnership on January 1, 2012. The following transactions occurred during the first year of operations.

Jan. 1

The partnership is formed. Smith contributes $200,000 cash. Jones contributes $20,000 cash, land worth $40,000, and also borrowed $7,000 by signing a note payable.

Jan. 31

The partnership made a net income of $10,000. The partnership agreement stipulates that smith will receive 70% and Jones is entitled to 30%.

Feb. 1

Owens joins the partnership by contributing $33,000. The partnership agreement is amended and the distribution is now Smith 50%, Jones 30%, and Owens 20%.

Feb. 28

The partnership made a net income of $30,000.

March 1

Jones has decided to leave the partnership. The partnership agrees to accept Jones resignation and to pay Jones $50,000.

March 30

The partnership lost $5,000 this month. According to the partnership agreement, Smith is responsible for 70% and Owens is responsible for 30%.

April 1

Smith and Owens decide to dissolve the partnership and take their respective capital balances as a final payout.

Required:

1. Prepare the necessary journal entries for these transactions.

Note: Assignments will be graded within 24 hours of the deadline for submission. You will receive feedback on anything that is incorrect.