On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $300,000 cash and $400,000 of equipment, respectively. The partnership also assumed responsibility for a $60,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $170,000, 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, 2023, Adams withdrew cash of $120,000. At year-end, May 31,2024 , the Income Summary account had a credit balance of $580,000. On June 1, 2024, Peter Williams invested $140,000 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. June 1,2023 b. November 20, 2023 Journal entry worksheet Nate: Enter debits before credits. Journal entry worksheet Note: Enter debits befare credits. Journal entry worksheet Record the admission of Williams for a 20% interest. Note: Enter debits before credits. Note: Enter debits before credits: 2. Calculate the balance in each partner's capital account immediately after the June 1, 2024, entry