In the early port of 2021 , the partners of Hugh, Jacobs, and Thomas sought sssistance from a local accountant. They had begun a new business in 2020 but had never used an occountent's gervices. Hugh and Jacobs began the porthership by contributing $150,000 and $100,000 in cosh, respectively. Hugh was to work occasionally at the business, and Jocobs wos to be employed full-time. They decided that year-end profits and losses should be ossigned os follows: - Each partner wos to be allocated 10 percent interest computed on the beginning capital bolances for the period. - A compensation allowence of $5,000 wos to go to Hugh with a $25,000 omount assigned to Jacobs. - Any remsining income would be split on 84.6 bosis to Hugh and Jocobs, respectively. In 2020, revenues totaled $175,000, and expenses were $146,000 (not including the parthers' compensation allowance). Hugh withdrew cash of $9,000 during the year, and Jecobs took out $14,000. In addition, the business poid $7,500 for repsirs made to Hugh's home and charged it to repoir expense. On Jenusry 1, 2021, the portnership sold a 15 percent interest to Thomss for $64,000 cash. This money wos contributed to the business with the bonus method used for occounting purposes. Answer the following questions: c. What journal entries should the partnership hove recorded on December 31,2020 ? d. What journal entry should the partnership have recorded on Jonuary 1,2021 ? Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet 4 Record entry to reclassify payment made to repair personal residence. Note: Enter debits befare credits. Journal entry worksheet Record entry to close drawings accounts for 2020. Note: Enter debits before credits. Journal entry worksheet Record entry to close revenue and expense accounts for 2020. Note: Enter debits before credits. Journal entry worksheet