On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten free commercial bakery, contributing $291,000 cash and $382.000 of equipment, respectively. The partnership also assumed responsibility for a $51000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $161.000 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 S111,000. At year end, May 31, 2021, the income Summary account had a credit balance of $490,000. On June 1, 2021 Peter Williams invested $131000 and was admitted to the partnership for a 20% interest in equity Required: 1. Prepare journal entries for the following dates. 8. June 1, 2020 Record the formation of partnership. Note: Enter debits before credits Date General Journal Debit Credit June 01, 2020 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 c. May 31, 2021 View transaction list Journal entry worksheet