On feb 1,2020. Tessa Willams and Audrey X formed a partnership in Ontario. Willams contributed 88,000 cash and Audrey contributed land valued at 128,000 and a small building valued at 188,000. Also, the partnership assumed responsibility of Audreys 138,000 long term note payable associated with the land and building. The Partners agreed to share profitd or loss as follows. Williemas is to recidce an annual salary allowance of 98,000, both are to reive an annual interest allowance of 12% of their original investmests and any remaining profit or loss is to be shared equally. On November 20,2020, williamd withdrew cash of 68,000 and Audrey withdrew

53,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the income summary account had a credit of 168,000

Journal entry worksheet 1 2 3 4 Record the initial capital investments. Note Enter debits before credits. Date General Journal Debit Creclit February 01, 2020 Record Cleanety View general puma Record the partners' withdrawals. Note: Enter debits before credits Date General Journal Debit Credit November 20, 2020 Pes entry Clear petry View general journal Record the allocation of profit and close the Income summary account. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2020 Record entry Cleareentry View Quecal journal 2. Determine the balances of the partners' capital accounts as of the end of 2020 Williams Xie Capital account balances