Lab Saved Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $293,000 cash and $386,000 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, 2020, Adams withdrew cash of $113,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $510,000. On June 1, 2021, 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, o. June 1, 2020 View transaction list -5 Journal entry worksheet 1 Record the formation of partnership. Note: Enter debits before credits Date General Journal Debit Credit June 01, 2020 Cash 293.000 288.000 Equipment Jill Bow, capital 293.000 Aisha Adams, capital 333,000 b. November 20, 2020 View transaction list Journal entry worksheet 1 Record the withdrawal by partner. Note Enter debits before credits Date General Journal Debit Credit Nov 20, 2020 Record entry Clear entry View general journal c. May 31, 2021 View transaction ist Journal entry worksheet Pecord the closing of profit to capital. Date General Journal Deb Cred - 510.000 May 31, 2021 Income summary Pun Bow capta Aisha Adams, capital Record entry Clear entry View general journal dl, June 1, 2021 d. June 1, 2021 3. View transaction list Journal entry worksheet 1 Record the admission of Williams for a 20% interest. im Note: Enter debits before credits, D Date General Journal Debit Credit rences June 01. 2021 Record entry Clear entry View general journal 2. Calculate the balance in each partner's capital account immediately after the June 1, 2021. entry. General Journal Debit Credit June 01, 2021 ok Int Record entry Clear entry View general journal ences 2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry. Bow, capital Aisha Adams, capital Wiliams, capital