252Fmghmiddle... 0 Assignment Help Save & Exit Submit On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $293,000 cash and $396,000 of equipment, respectively. The partnership also assumed responsibility for a $53,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $163,000, both are to receive an annual interest allowance of 5% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2023, Adams withdrew cash of $113,000. At year-end, May 31, 2024, the Income Summary account had a credit balance of $510,000. On June 1, 2024, Peter Williams Invested $133,000 and was admitted to the partnership for a 20% Interest in equity. Required: 1. Prepare journal entries for the following dates. a. June 1, 2023 View transaction st Journal entry worksheet 1 Record the formation of partnership. Note Enter debits before credits Date 4 General Journal Debit Credid Journal entry worksheet < 1 Record the formation of partnership. Note: Enter debits before credits. Date June 01, 2023 Cash General Journal 4 Debit Credit Record entry Clear entry View general Journal > b. November 20, 2023 View transaction list Journal entry worksheet < 1 Record the withdrawal by partner. Note: Enter debits before credits Date Nov 20, 2023 General Journal Debit Credit Record entry Clear entry View general journal > Help Save c. May 31, 2024 View transaction list Journal entry worksheet < 1 Record the closing of profit to capital. Note: Enter debits before credits. Date May 31, 2024 General Joumal + Debit Credit Record entry Clear entry View general Journal Save d. June 1, 2024 View transaction list Journal entry worksheet < 1 Record the admission of Williams for a 20% interest. Note: Enter debits before credits Date June 01, 2024 General Journal Debit Credit Record entry Clear entry View general Journal He 2. Calculate the balance in each partner's capital account immediately after the June 1, 2024, entry. Bow, capital Aisha Adams, capital Williams, capital