On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $284,000 cash and $368,000 of equipment, respectively. The partnership also assumed responsibility for a $44,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $154,000, 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 $104,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $420,000. On June 1, 2021, Peter Williams invested $124,000 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 Journal entry worksheet < Record the formation of partnership. Note: Enter debits before credits. Date June 01, 2020 Cash Equipment Jill Bow, capital General Journal Debit Credit 284,000 368,000 284,000 335,000 Aisha Adams, capital Notes payable 44,000 es 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 104,000 104,000 Nov 20, 2020 Aisha Adams, withdrawals Cash c. May 31, 2021 View transaction list Journal entry worksheet < 1 Record the closing of profit to capital. Note: Enter debits before credits. Date May 31, 2021 Income summary General Journal Debit Credit 420,000 Jill Bow, capital Aisha Adams, capital es View transaction list Journal entry worksheet < 1 Record the admission of Williams for a 20% interest. Note: Enter debits before credits. Date June 01, 2021 Cash General Journal Debit Credit Jill Bow, capital Aisha Adams, capital Peter Williams, capital 2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry. es Bow, capital Aisha Adams, capital Williams, capital