Record the closing of profit to capital #2 Record the admission of Williams for a 20% interest #3calculate the balance in each partners capital account immediately after the june 1,2021 entry

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 $287,000 cash and $374,000 of equipment, respectively. The partnership also assumed responsibility for a $47,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $157,000, 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 $107,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $450,000. On June 1, 2021, Peter Williams invested $127,000 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates