On February 1,2023. Tessa Wiliams and Audrey Xie formed a parthership in Ontario. Willams contributed $88,000 cash and Xie contributed tand valued at $128,000 and a small building valued at $198,000 Also, the partnership assumed responsibility for Xie's $138,000 tong-term note payable associated with the land and bulding. The partners agreed to share protit or loss as foliows Wiliams is to recelve an annual salary allowance of $98,000, both are to recelve an annual interest allowance of 12% of their original capital imvestments, and any remaining profit or loss is to be shared equally On November 20,2023 , Wiliams withdrew cash of $68,000 and Xie withdrew $53,000 Afrer the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $168.000. Required: 1. Present general journal entries to record the initial capital linvestments of the partners, their cash withdrawais; and the December 31 closing of the income Summary and withdrawals accounts. On February 1, 2023, Tessa Williams and Audrey Xie formed a partnership in Ontario. Wililams contributed $88,000 cash and Xle contributed land volued at $128,000 and a small bullding valued at $188,000. Also, the partnership assumed responsibility for Xie's $138,000 long-term note payable associated with the land and building. The partners agreed to share profit or loss as follows: Williams is to recelve an annual salary allowance of $98,000, both are to recelve an annual interest allowance of 12% of their oniginal capital investments, and any remaining profit or loss is to be shared equally, On November 20,2023 , Williams withdrew cash of $68,000 and Xie withdrew $53,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $168,000 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 On February 1,2023, Tessa Williams and Audrey Xie formed a parthership in Ontario. Williams contributed $88,000 cash and Xie contributed land valued at $128,000 and a small bullding valued at $188,000. Also, the partnership assumed responsibility for Xie's $138,000 long-term note payable associated with the land and bulling. The partners agreed to share profit or loss as follows: Willams is to receive an annual salary allowance of $98,000, 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 20,2023 , Williams withdrew cash of $68,000 and Xie withdrew $53,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $168,000. 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. Journal entry worksheet \( \left\langle\begin{tabular}{llll} 1 ight. \) & 4 \end{tabular} Record the allocation of profit and close the Income summary account. On February 1, 2023, Tessa Williams and Audrey Xie formed a parthership in Ontario. Willams contributed 588,000 cash and Xle contributed land valued at $128,000 and a small building valued at $188,000. Also, the partnership assumed responsibility for Xie? $138,000 long-term note payable assoclated with the land and bullding The partners agreed to share profit or loss as follows: Wiliams is to recelve an annual salary allowance of $98,000, both are to receive an annual interest allowance of 12% of their onginal capiral investments, and any remaining proft or loss is to be shared equally. On November 20,2023 , Willams withdrew cash of $68,000 and Xie withdrew $53,000. After the adjusting entries and the closing entres to the revenue and expense accounts, the income Summery accoum had a credit balance of $168,000 Required: 1. Present general journal entres to record the initial capital investments of the partners, their cash wahdrawais, and the December 31 closing of the income Surnmary and withdrawals occounts 2. Determine the balances of the partners' capital accounts as of the end of 2023