On February 1, 2020, Tessa Williams and Audrey Xie formed a partnership in Ontario. Williams contributed $93,000 cash and Xie contributed land valued at $133,000 and a small building valued at $193,000. Also, the partnership assumed responsibility for Xie's $143.000 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 $103,000, 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, 2020, Williams withdrew cash of $73,000 and Xie withdrew $58,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $173,000. Required: 1. 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. View transaction list Journal entry worksheet 1 Record the initial capital investments. Nuter Enter debits before credits Date General Journal February 01, 2020 Cash Debit 03.000 Credit Xle withdrew $58,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Sum 2020, Williams withdrew cash of $73,000 account had a credit balance of $173,000. Required: 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the Decembe closing of the Income Summary and withdrawals accounts. View transaction list Journal entry worksheet < 1 2 Record the partners' withdrawals. Note: Enter debits before credits. Date 4 General Journal Debit Credit 73,000 73 mont November 20, 2020 Tessa Williams, capital Pach apped Required: 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, closing of the Income Summary and withdrawals accounts. Book rint rences View transaction list Journal entry worksheet < 2 3 4 Record the allocation of profit and close the Income summary account. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020 Tessa Williams, capital 103,000 100 onl < Prev 2 of 5 Next Required: 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and closing of the Income Summary and withdrawals accounts. View transaction list Journal entry worksheet < 3 4 Record the entry to close withdrawals accounts. Note: Enter debits before credits. Date December 31, 2020 General Journal Debit Credit < Prev 2 of 5 Next >