Surj Uppal and Parvinder Atwal began a new business on February 14, when each invested $163,500 in the company. On December 20, It was decided that $62,600 of the company's cash would be distributed equally between the owners. Two cheques for $31,300 were prepared and given to the owners on December 23. On December 31, the company reported a $125,200 profit Required: Prepare two sets of journal entries to record the investments by the owners, the distribution of cash to the owners, the closing of the Income Summary account, and the withdrawals or dividends under these alternative assumptions: a. The business is a partnership. View transaction list Journal entry worksheet 2 3 Record the investment into business by partners. Note: Enter debits before credits. Date February 14 General Journal Debit Credit