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 $292,000 cash and $384,000 of equipment, respectively. The partnership also assumed responsibility for a $52,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $162,000, 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, 2020, Adams withdrew cash of $112,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $500,000. On June 1, 2021, Peter Williams invested $132.000 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 Record the formation of partnership. Journal entry worksheet Record the withdrawal by partner. Note: Enter debits before credits Date General Journal Debit Credit Nov 20, 2020 Racord entry Clear entry View general Journal c. May 31, 2023 Onun ty NA TAD d. June 1. 2021 View transaction llet Journal entry worksheet Record the admission of Williams for a 20% interest. Note: Enter debits before credits. Date General Journal Debit Credit June 01, 2021 Record entry Clear entry Vaw general Journal 2 Colculate the balance in each partner's capital account immediately after the June 1. 2021, entry, Bow capital Aisha Adarns, capital Williams, capital