On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery. contributing $293,000 cash and $386,000 of equipment, respectively. The partnership also assumed responsibility for a $53.000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $163.000, 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 $113,000. At year-end, May 31, 2024, the Income Summary account had a credit balance of $510,000, On June 1, 2024. Peter Willams invested $133,000 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 Record the withdrawal by partner. Note: Enter detits before dedits. Journal entry worksheet Note: Enter debits berore creale: Journal entry worksheet Record the admission of Williams for a 20%6 interest. Note: Enter debits before credits. 2. Calculate the balance in each partner's capital account immediately after the June 1, 2024, entry. On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery. contributing $293,000 cash and $386,000 of equipment, respectively. The partnership also assumed responsibility for a $53.000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $163.000, 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 $113,000. At year-end, May 31, 2024, the Income Summary account had a credit balance of $510,000, On June 1, 2024. Peter Willams invested $133,000 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 Record the withdrawal by partner. Note: Enter detits before dedits. Journal entry worksheet Note: Enter debits berore creale: Journal entry worksheet Record the admission of Williams for a 20%6 interest. Note: Enter debits before credits. 2. Calculate the balance in each partner's capital account immediately after the June 1, 2024, entry
