Journalize

July 1, 2020: S. Kwon and E. Seo invest in a partnership. S. Kwon invests $6,000.00 cash, and equipment worth $8,000.00. He also has a $5,000.00 bank loan payable associated with business. E. Seo invests $10,000.00 cash.

July 15, 2020: S. Kwon and E. Seo each withdraw $500.00 for personal use.

July 31, 2020: The partnership generates a $10,000.00 net income in this first month. Each partner receives a 10% (per year) interest allowance on their initial investment, plus a salary allowance of $2000.00. Any remaining income or loss is split equally. Note: When calculating the interest allowance, remember that this is just a one-month accounting period.