Problem $11-6$A Partnership entries, profit allocation, admission of a partner LO$2,3,4$ Income Summary account had a creds balance of $$570,000$ On June $1,2024,$ Peter Witiams invested $$139,000$ and was admithed to the partnership for a $205$ interest in equity.

Required:

Prepare journal entries for the following dates.

a$.$ June $1,2023$

Journal entry worksheet

Record the formation of partnership.

Note: Enter debils before credits.

$\backslash$table$[[$Date$,,$Debit,Credit$],[$June $01,2023,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$

b$.$ November $20,2023$

Journal entry worksheet

Record the withdrawal by partner.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Nov $20,2023,,,],[,,,],[,,,],[,,,],[,,,]]$

View general journal

c$.$ May $31,2024$

Journal entry worksheet

Record the closing of profit to capital.

Note: Enter debits before credis.

d$.$ June $1,2024$

Journal entry worksheet

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

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$June $01,2024,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$