With the following information below, prepare the pre-closing and closing journal entries for Smith, Jacob, & Frtiz Partnership. Additional Information: Smith will be allotted 50% of all profits and losses because of previous business experience. Jacob and Fritz have agreed in the articles of partnership to split the remaining 50%. The articles also state that each partner can withdraw $15,000 cash annually. Lastly, net income for the year totals $120,000. Directions Create the journal entries for the following: On December 15th, each partner agrees to draw down $15,000 cash as a payment for their yearly ownership On December 31st the following accounts must be closed. Drawing accounts, Revenue, Expenses, and Income Summary. Balances for Revenues and Expenses: Service Revenue $200,000 Salary Expense 60,000 Interest Expense 20,000