On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $295,000 cash and $390,000 of equipment, respectively. The partnership also assumed responsibility for a $55,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $165,000, both are to receive an annual interest allowance of 8% 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 $115,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $530,000. On June 1, 2021, Peter Williams invested $135,000 and was admitted to the partnership for a 20% Interest in equity. d. June 1, 2021 View transaction list View journal entry worksheet No Date General Journal Debit 1 June 01, 2021 Cash 135,000 Jill Bow, capital Aisha Adams, capital Peter Williams, capital Credit 2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry. Bow, capital Aisha Adams, capital Williams, capital Journal entry worksheet 1 Record the closing of profit to capital. Note: Enter debits before credits. Date General Journal Debit Credit May 31, 2021 Income summary 530,000 Jill Bow, capital Aisha Adams, capital View general journal Clear entry