Journal entry worksheet Record the payment made by Thomas using the bonus method. Note: Enter debits before credits. Transaction General Journal Debit Credit a Cash 42,000 Hugh, capital Jacobs, capital Thomas, capital Record entry Clear entry View general journalIn the early part of 2024, the partners of Hugh, Jacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2023 but had never used an accountant's services. Hugh and Jacobs began the partnership by contributing $155,000 and $105,000 in cash, respectively. Hugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: e Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period. A compensation allowance of $8,000 was to go to Hugh with a $25,000 amount assigned to Jacobs. Any remaining income would be split on a 4.6 basis to Hugh and Jacobs, respectively. In 2023, revenues totaled $180,000, and expenses were $149,000 (not including the partners' compensation allowance). Hugh withdrew cash of $9,000 during the year, and Jacobs took out $14,000. In addition, the business paid $8,000 for repairs made to Hugh's home and charged it to repair expense. On January 1, 2024, the partnership sold a 10 percent interest to Thomas for $42,000 cash. This money was contributed to the business with the bonus method used for accounting purposes. Required: c. What journal entries should the partnership have recorded on December 31, 20237 d. What journal entry should the partnership have recorded on January 1, 20247 Complete this question by entering your answers in the tabs below. Required C Required D What journal entries should the partnership have recorded on December 31, 20237 Note: If no entry is required for a transaction/event, select "No journal entry required\" in the first account field. View transaction list View journal entry worksheet 7 1 a Hugh, drawings 8,000 Expenses 8,000 s 2 b Hugh, capital 17,000 Jacobs, capital 14,000 Hugh, drawings 17,000 Jacobs, drawings 14,000 /| 3 c Revenues 180,000 Expenses 141,000 Income summary 39,000 RequiredD >