On February 1, 2020, Tessa Williams and Audrey Xle formed a partnership in Ontario, Williams contributed $89,000 cash and X contributed land valued at $129,000 and a small building valued at $189.000. Also, the partnership assumed responsibility for $139,000 long-term note payable associated with the land and building. The partners agreed to share profit or loss as follows: is to receive an annual salary allowance of $99,000, both are to receive an annual interest allowance of 12% of their original cap investments, and any remaining profit or loss is to be shared equally. On November 20, 2020, Williams withdrew cash of $69,00 Xie withdrew $54,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the income Sumiy account had a credit balance of $169,000. B 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