On June Jill Bow and Aisha Adams formed a partnership to open a glutenfree commercial bakery, contributing $ cash and $ of equipment, respectively. The partnership also assumed responsibility for a $ note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $ both are to receive an annual interest allowance of of their original capital investments, and any remaining profit or loss is to be shared to Bow and Adams, respectively On November Adams withdrew cash of $ At yearend, May the Income Summary account had a credit balance of $ On June Peter Williams invested $ and was admitted to the partnership for a interest in equity.
Required:
Prepare journal entries for the following dates.
a June
b November
c May
d June
Calculate the balance in each partners capital account immediately after the June entry.
