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4 20 points eBook Print. References On June 1,2023, Jill Bow and Aisha Adams...

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Accounting

4
20
points
eBook
Print.
References
On June 1,2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $300,000 cash and $400,000 of equipment, respectively. The partnership also assumed responsibility for a $60,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $170,000, 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 $120,000. At year-end, May 31,2024, the Income Summary account had a credit balance of $580,000. On June 1,2024. Peter Williams invested $140,000 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.
\table[[Date,General Journal,Debit,Credit]]
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