On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $294,000 cash and $388,000 of equipment, respectively. The partnership also assumed responsibility for a $54,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $164,000, 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, 2023, Adams withdrew cash of $114,000. At year-end, May 31, 2024, the Income Summary account had a credit balance of $520,000. On June 1, 2024, Peter Williams invested $134,000 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 View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 June 01, 2023 Cash Equipment 294,000 388,000 Notes payable Jill Bow, capital 54,000 294,000 Aisha Adams, capital 334,000