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Tomeu d patllership Albert, Terung eusdule moviligues Contribution Profit Sharing Herle $237,000 land $50,000 building Regal $97,000 cash $187,000 salary allowance 15% of original capital

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Tomeu d patllership Albert, Terung eusdule moviligues Contribution Profit Sharing Herle $237,000 land $50,000 building Regal $97,000 cash $187,000 salary allowance 15% of original capital investments $77,000 Cash withdrawal during year 15% of original capital Investments 362,000 Net Income during the year was $177,000 and was in the Income Summary account. The partners agreed to share profit by salary allowance interest on their initial investments, and sharing the balance equally Required: 1. Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the De closing of the Income Summary and withdrawals accounts View transaction list Journal entry worksheet

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