{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T04:06:07-04:00", "answer_date": "2024-05-28 04:06:07", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1817531", "url": "\/study-help\/questions\/problem-116a-partnership-entries-profit-allocation-admission-of-a-partner-1817531", "question_creation_date_js": "2024-05-28T04:06:07-04:00", "question_creation_date": "May 28, 2024 04:06 AM", "meta_title": "[Solved] Problem 11-6A Partnership entries, profit | SolutionInn", "meta_description": "Answer of - Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and A | SolutionInn", "meta_keywords": "problem,11-6a,partnership,entries,profit,allocation,admission,partner,lo2,3,4,june", "question_title_h1": " Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Aisha Adams formed a", "question_title": " Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2,", "question_title_for_js_snippet": "Problem 11 6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten free commercial bakery, contributing $286 000 cash and $372,000 of equipment, respectively The partnership also assumed responsibility for a $46 000 note payable associated with the equipment The partners agreed to share profits as follows Bow is to receive an annual salary allowance of $156,000, 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 $106,000 At year end, May 31, 2021, the Income Summary account had a credit balance of $440 000 On June 1, 2021, Peter Williams invested $126 000 and was admitted to the partnership for a 20 interest in equity Required 1 Prepare journal entries for the following dates", "question_description": "\"image\"image\"image\"image", "transcribed_text": "Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $286.000 cash and $372,000 of equipment, respectively. The partnership also assumed responsibility for a $46.000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $156,000, 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 $106,000. At year end, May 31, 2021, the Income Summary account had a credit balance of $440.000. On June 1, 2021, Peter Williams invested $126.000 and was admitted to the partnership for a 20% interest in equity Required: 1. Prepare journal entries for the following dates", "related_book": { "title": "Financial accounting", "isbn": "9780135114933, 136108865, 978-0136108863", "edition": "8th Edition", "authors": "Walter T. Harrison, Charles T. Horngren, William Bill Thomas", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/196.jpg", "uri": "\/textbooks\/financial-accounting-8th-edition-196", "see_more_uri": "" }, "free_related_book": { "isbn": "1936467003", "uri": "\/textbooks\/the-money-plan-creating-personal-wealth-for-a-secure-future-1st-edition-978-1936467006-189563", "name": "The Money Plan Creating Personal Wealth For A Secure Future", "edition": "1st Edition" }, "question_posted": "2024-05-28 04:06:07", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/if-you-wanted-to-double-1000-in-10-years-time-712459", "description": "If you wanted to double $1,000 in 10 years' time, what average rate of return would you require on your investment?", "stars": 0 }, { "url": "\/do-you-believe-that-strategic-advantages-obtained-by-the-effective", "description": "Do you believe that strategic advantages obtained by the effective use of IT are sustainable? 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