Question: Problem 11-6A Partnership Entries, Profit Allocation, Admissi... 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 $298.000 cash and $396,000 of equipment, respectively. The partnership also assumed responsibility for a 558.000 note payable and with the equipment. The partners agreed to share profits as follows Bow is to receive an annual salary lowance of $68.000 be are to receive an annual interest allowance of 5% of their original capital investments, and any remaining profitar 40/60 fto Bow and Adams, respectively. On November 20, 2020, Adams withdrew cash of $118.000 At year end. May 2021 the Income Summary account had a credit balance of 5560.000. On June 1, 2021. Peter Williams invested $138.000 and was and the partnership for a 20% interest in equity Required: 1. Prepare journal entries for the following dates .. June 1, 2020 1. Prepare journal entries for the following dates 2. June 1, 2020 This problem has been solved! View transaction list See the answer Question: Problem 11-6A Partnership Entries, Profit Allocation, Admissi... 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 $298.000 cash and $396,000 of equipment, respectively. The partnership also assumed responsibility for a 558.000 note payable and with the equipment. The partners agreed to share profits as follows Bow is to receive an annual salary lowance of $68.000 be are to receive an annual interest allowance of 5% of their original capital investments, and any remaining profitar 40/60 fto Bow and Adams, respectively. On November 20, 2020, Adams withdrew cash of $118.000 At year end. May 2021 the Income Summary account had a credit balance of 5560.000. On June 1, 2021. Peter Williams invested $138.000 and was and the partnership for a 20% interest in equity Required: 1. Prepare journal entries for the following dates .. June 1, 2020 1. Prepare journal entries for the following dates 2. June 1, 2020 This problem has been solved! View transaction list See the