On June 1,2020, jill bow and alsha adam formed a partnership to open a gluten free commercial bakery. Contrubuting 289,000 cash and 378,000 of equipment. The partnership assumed responsibility for a 49,000 not payable associated with the equpiment. The Partners agreed to share profits as follows: Bow is to receive an annual salary allowance of 159,000, 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. On November 20,2020 Adams withdrew cash of 109,000. At year end, May 31,2021, the income summary account had a credit balance of 470,000. on June 1,2021. Peter willams invested 129,000 and was admitted to the partnership for a 20% interest in equity

Record the following Journal Entrys

Journal entry worksheet Record the formation of partnership. Note: Enter debits before credits Date General Journal Debit Credit June 01, 2020 Recordenly Clear entry View general journa Journal entry worksheet