On February 1, 2020, Tessa Williams and Audrey Xie formed a partnership in Ontario. Williams contributed $100,000 cash and Xie contributed land valued at $140,000 and a small building valued at $200,000. Also, the partnership assumed responsibility for Xie's $150,000 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 $110,000, both are to receive an annual interest allowance of 12% of their original capital Investments, and any remaining profit or loss is to be shared equally. On November 20, 2020, Williams withdrew cash of $80,000 and Xie withdrew $65,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $180,000. 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.