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 $282,000 cash and $364,000 of equipment, respectively. The partnership also assumed responsibility for a $42,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $152,000, 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 $102,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $400,000. On June 1, 2021, Peter Williams invested $122,000 and was admitted to the partnership for a 20% Interest in equity. Required: 1. Prepare journal entries for the following dates. a. June 1, 2020 View transaction list Journal entry worksheet 1 Record the formation of partnership. b. November 20, 2020 View transaction list Journal entry worksheet < 1 Record the withdrawal by partner. Note: Enter debits before credits. Date Nov 20, 2020 General Journal Debit Credit Note: Enter debits before credits. Date June 01, 2020 Cash Equipment General Journal Debit Credit 282,000 364,000 282,000 Jill Bow, capital Aisha Adams, capital Notes payable Record entry Clear entry View general journal b. November 20, 2020 c. May 31, 2021 View transaction list Journal entry worksheet < 1 Record the closing of profit to capital. Note: Enter debits before credits. Date May 31, 2021 General Journal Debit Credit d. June 1, 2021 View transaction list Journal entry worksheet < 1 Record the admission of Williams for a 20% interest. Note: Enter debits before credits. Date June 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal > 2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry. Bow, capital Aisha Adams, capital Williams, capital