In the early part of 2021, the partners of Hugh Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business In 2020 but had never used an accountant's services. Hugh and Jacobs began the partnership by contributing $80,000 and $30,000 in cash, respectively. Hugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period. A compensation allowance of $5,000 was to go to Hugh with a $20,000 amount assigned to Jacobs. Any remaining Income would be split on a 4:6 basis to Hugh and Jacobs, respectively. In 2020, revenues totaled $90,000, and expenses were $64,000 (not including the partners' compensation allowance). Hugh withdrew cash of $8,000 during the year, and Jacobs took out $11,000. In addition, the business paid $5,000 for repairs made to Hugh's home and charged it to repair expense. On January 1, 2021, the partnership sold a 20 percent Interest to Thomas for $43,000 cash. This money was contributed to the business with the bonus method used for accounting purposes. Answer the following questions: c. What journal entries should the partnership have recorded on December 31, 2020? d. What journal entry should the partnership have recorded on January 1, 2021? Required Required D What journal entries should the partnership have recorded on December 31, 2020? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 > Record entry to reclassify payment made to repair personal residence. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Required Required What journal entries should the partnership have recorded on December 31, 2020? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry to close drawings accounts for 2020. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Required Required D What journal entries should the partnership have recorded on December 31, 2020? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet