On February 1,2023, Tessa Wiltiams and Audrey Xie formed a partnership in Ontario Whliams contributed $82,000 cash and Xie contributed land valued at $122,000 and a small building valued at $182,000. Also, the partnership assumed responsibility for Xie's $132,000 long-term note payable assoclated with the land and building. The partners agreed to share profit or loss as follows. Williams is to recelve on annual salary aliowance of $92,000, both are to recelve an annual interest allowance of 12% of their original capital investments, and any remaining pront or loss is to be shared equally On November 20,2023 , Williams withdrew cash of $62,000 and Xie withdrew $47,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the income 5ummary account had a credit balance of $162.000 Required: 1. Present general journal entries to record the initial capital imvestmgnts of the partners, their cash withdrawals, and the Decenber 31 closing of the income Summary and withdrawals accounts. Xle withdrew \$47,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summ account had a credit balance of $162,000. Required: 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the December closing of the income Summary and withdrawals accounts. Xie withdrew $47,000. After the adjusting entries and the ciosing entries to the revenue and expense accounts, the income Summary account had a credit balance of $162,000 Required: 1. Present general journal entries to record the initial capital investments of the portners, their cash withdrawals, and the December 31 closing of the income Summary and withdrawals accounts. Journal entry worksheet 4 Record the allocation of profit and close the tncome summary account. Fote inter dethe befire ondat On February 1,2023, Tessa Williams and Audrey Xle formed a partnership in Ontario. Willams contributed $82,000 cash and Xie contributed land valued at $122,000 and a small building valued at $182,000. Also, the partnership assumed responsibility for Xie's $132,000 long-term note payable associated with the land and buliding. The partners agreed to share profit or loss as follows, Williams is to recelve an annual salary allowance of $92,000, 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 $62,000 and Xie withdrew $47,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $162.000 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. 2. Determine the batances of the partners' cepital accounts as of the end of 2023