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On June $1,2023,$ Jill Bow and Aisha Adams formed a partnership to open a gluten$-$free commercial bakery, contributing $$300,000$ cash and $$400,000$ of equipment, respectively. The partnership also assumed responsibility for a $$60,000$ note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $$170,000,$ 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 $$120,000.$ At year$-$end, May $31,2024,$ the Income Summary account had a credit balance of $$580,000.$ On June $1,2024.$ Peter Williams invested $$140,000$ and was admitted to the partnership for a $20\%$ interest in equity.

Required:

Prepare journal entries for the following dates.

a$.$ June $1,2023$

Journal entry worksheet

$1$

Record the formation of partnership.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$]]$