wurde 11004 On February 15, 2014. Travis McAllister and Jack Tasker formed a partnership. Travis McAllister contributed $110,000 cash and Jack Tasker contributed equipment worth $130,000. Also the partnership assumed Jack Tasker's $20,000 long-term note payable associated with the equipment. The partners agreed to share profits using a 1:4 ratio. On October 24. Travis McAllister withdrew $13,000 and Jack Tasker withdrew $12,000. After the adjusting entries and the closing entries to the revenue and expense accounts, the Income Summary account had a credit balance of $95,000 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 (o. 15/Jan). General Journal Page 2 Dato Accord Explanation DO Credit + ERDAM 1 te > . >> b) Enter the balance of the partners' capital accounts as of the end of 2014. Balance of Travis McAllister, Capital: Balance of Jack Tasker, Capital