On March 23, 2014, Susan Montgomery and Mary Graham formed a partnership. Susan Montgomery contributed $130,000 cash and Mary Graham contributed a small building worth $140,000. Also the partnership assumed Mary Graham's $30,000 long term note payable associated with the building The partners agreed to share profits using a 23 ratio On September 1, Susan Montgomery withdrew $42,000 and Mary Graham withdrew $17,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a debit balance of $55,000 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 GJ2 Date Account/Explanation F. Debit Credit + - 1 b) Enter the balance of the partners' capital accounts as of the end of 2014 Balance of Susan Montgomery, Capital: Balance of Mary Graham, Capital: 4:22 PM