On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $290,000 cash and $380,000 of equipment, respectively. The partnership also assumed responsibility for a $50,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $160,000, 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 $110,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $480,000. On June 1, 2021, Peter Williams invested $130,000 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 list View journal entry worksheet No Date General Journal Debit Credit 1 June 01 2020 Cash 290.000 380.000 Equipment 50.000 Notes payable 290.000 330 000