On June $1,2023,$ Jill Bow and Aisha Adams formed a partnership to open a gluten$-$free commercial bakery, contributing $$296,000$

cash and $$392,000$ of equipment, respectively. The partnership also assumed responsibility for a $$56,000$ note payable associated

with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $$166,000,$ 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 $20,2023,$ Adams withdrew cash of $$116,000.$ At year$-$end, May $31,2024,$ the

Income Summary account had a credit balance of $$540,000.$ On June $1,2024,$ Peter Williams invested $$136,000$ and was admitted to

the partnership for a $20\%$ interest in equity.

Required:

Prepare journal entries for the following dates.

a$.$ June $1,2023$

Journal entry worksheet

$1$

Record the formation of partnership.

Note: Enter debits before credits. b$.$ November $20,2023$

Journal entry worksheet

$1$

Record the withdrawal by partner.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Nov $20,2023,,,],[,,,],[,,,],[,,,]]$ c$.$ May $31,2024$

Journal entry worksheet

$1$

Record the closing of profit to capital.

Note: Enter debits before credits. d$.$ June $1,2024$

Journal entry worksheet

$1$

Record the admission of Williams for a $20\%$ interest.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $01,2024,,,],[,,,],[,,,],[,,,],[,,,]]$Calculate the balance in each partner's capital account immediately after the June $1,2024,$ entry.On June $1,2023,$ Jill Bow and Aisha Adams formed a partnership to open a gluten$-$free commercial bakery, contributing $$296,000$ cash and $$392,000$ of equipment, respectively. The partnership also assumed responsibility for a $$56,000$ note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $$166,000,$ 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 $20,2023,$ Adams withdrew cash of $$116,000.$ At year$-$end, May $31,2024,$ the Income Summary account had a credit balance of $$540,000.$ On June $1,2024,$ Peter Williams invested $$136,000$ and was admitted to the partnership for a $20\%$ interest in equity.

Required:

$1.$ Prepare journal entries for the following dates.

a$.$ June $1,2023$

b$.$ November $20,2023$

c$.$ May $31,2024$

d$.$ June $1,2024$