On March 15, 2014 Kevin Smith and Bonnie Northrup formed a partnership Kevin Smith contributed $100,000 cash and Bonnie Northrup contributed automobiles worth $120,000. Also the partnership assumed Bonnie Northrup's $10,000 long-term note payable associated with the automobiles. The partners agreed to share profits using a 1 4 ratio On September 5, Kevin Smith withdrew $43,000 and Bonnie Northrup withdrew $47.000. After the adjusting entries and the closing entries to the revenue and expense accounts the income Summary account had a debit balance of $86,000 a) Prepare general journal entries for each of the following 1 To record the initial capital investments of the partners. 2. To record the withdrawals of the partners 3 The December 31 closing of the income summary account 4. The December 31 closing of the withdrawals accounts. Enter the numbers above as the explanation and the dates in the format dd/mmm (ie. 15/Jan) General Journal Page G2 Date Account/Explanation F Debit Credit + b) Enter the balance of the partners' capital accounts as of the end of 2014 Balance of Kevin Smith, Capital Balance of Bonnie Northrup, Capital