On June 1, 2020, JH Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $289.000 cash and $378,000 of equipment, respectively. The partnership also assumed responsibility for a $49,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $159,000, both are to receive an annual interest allowance of 10% 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 $109,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $470.000. On June 1, 2021, Peter Williams invested $129,000 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates, a. June 1, 2020 View transaction lit Journal entry worksheet Record the formation of partnership debits mal Youtube httpwww.nelsoortent Home Connect - Shoes //www. Sign in Net Chapter 11 Lab Help Save & Exit Submit Prepare your enties or Towing a June 1, 2020 6 View transaction et 28 Do Journal entry worksheet > Record the formation of partnership General Joma Credit Dub 260 000 June 05.2020 Cash Et DOO Aisha Acapital Nales payati 49000 Record entry Clearany View generala www.DUOL Sign in het stagram Chapter 11 Lab Help Save & Exit b. November 20, 2020 6 View transactions 28 pain Journal entry worksheet Record the withdrawal by partner motor General Journal babit Date Nov 20, 2020 Credin Racord Cleary View general COM 200 Matr.docx Ch. Student Pe pot Definition and Definition and...docx SM c. May 31, 2021 View transaction lit Journal entry worksheet Record the closing of profit to capital General Journal Debit Credit Date May 31, 2021 Record entry Clear entry View general journal d. June 1, 2021 View transaction Journal entry worksheet Record the admission of Williams for a 20% interest. Si te bere Date General Journal Dube Credit Jun 01, 2021 View general journal Record entry 2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry. Bow, capital Aisha Adams, capital Williams, capital