On February $1,2023,$ Tessa Williams and Audrey Xie formed a partnership in Ontario. Williams contributed $$86,000$ cash and Xie

contributed land valued at $$126,000$ and a small building valued at $$186,000.$ Also, the partnership assumed responsibility for Xie's

$$136,000$ long$-$term note payable associated with the land and building. The partners agreed to share profit or loss as follows: Williams

is to receive an annual salary allowance of $$96,000,$ both are to receive an annual interest allowance of $15\%$ of their original capital

investments, and any remaining profit or loss is to be shared equally. On November $20,2023,$ Williams withdrew cash of $$66,000$ and

Xie withdrew $$51,000.$ After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary

account had a credit balance of $$166,000.$

Required:

Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the December $31$

closing of the Income Summary and withdrawals accounts.

Journal entry worksheet

Record the initial capital investments.

Note: Enter debits before credits.