On June $1,2023,$ Jill Bow and Aisha Adams formed a partnership to open a gluten$-$free commercial bakery, contributing $\backslash (\backslash$$ $297,000\backslash )$ cash and $\backslash (\backslash$$ $394,000\backslash )$ of equipment, respectively. The partnership also assumed responsibility for a $\backslash (\backslash$$ $57,000\backslash )$ note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $\backslash (\backslash$$ $167,000\backslash ),$ both are to receive an annual interest allowance of $\backslash (10\backslash \%\backslash )$ of their original capital investments, and any remaining profit or loss is to be shared $\backslash (40/60\backslash )($to Bow and Adams, respectively$).$ On November $20,2023,$ Adams withdrew cash of $\backslash$$$117,000.$ At year$-$end, May $31,2024,$ the Income Summary account had a credit balance of $\backslash$$$550,000.$ On June $1,2024,$ Peter Williams invested $\backslash$$$137,000$ and was admitted to the partnership for a $20\backslash \%$ interest in equity.

Required:

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

a$.$ June $1,2023$ b$.$ November $20,2023$

Journal entry worksheet

$1$

Record the withdrawal by partner.

Note: Enter debits before credits. c$.$ May $31,2024$

Journal entry worksheet

$1$

Record the closing of profit to capital.

Note: Enter debits before credits.

Journal entry worksheet

$1$

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

Note: Enter debits before credits. $2.$ Calculate the balance in each partner's capital account immediately after the June $1,2024,$ entry.