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Homework answers / question archive / On June 1, 2020, Jill Bow and Aoha Adams formed a partnership to open a gluten-free commercial bakery, contributing $204,000 cash and $388,000 of equipment, respectively_ The partnership also assumed responsibility for a $54,000 note payable associated with the equipment The partners agreed to share profits as follows, Bow is to receive an annual salary allowance of $154,000, both are to receive an annual interest allowance of 102 of their original cam

On June 1, 2020, Jill Bow and Aoha Adams formed a partnership to open a gluten-free commercial bakery, contributing $204,000 cash and $388,000 of equipment, respectively_ The partnership also assumed responsibility for a $54,000 note payable associated with the equipment The partners agreed to share profits as follows, Bow is to receive an annual salary allowance of $154,000, both are to receive an annual interest allowance of 102 of their original cam

Accounting

On June 1, 2020, Jill Bow and Aoha Adams formed a partnership to open a gluten-free commercial bakery, contributing $204,000 cash and $388,000 of equipment, respectively_ The partnership also assumed responsibility for a $54,000 note payable associated with the equipment The partners agreed to share profits as follows, Bow is to receive an annual salary allowance of $154,000, both are to receive an annual interest allowance of 102 of their original cam. investments, a. any remaining pro, or loss is to be shared 40/60 (to Bow and Adams, respectively) On November 20, 2020, Adams withdrew cash of $114,000 At year-end, May 31, 2021, the Income Summary account had a creckt balance of $520,00. On June 2021, Peter Williams invested $134,000 antl was admitted to the partnership for a 20. interest in equity_ 
Required: 1. Prepare Journal entries for the following dates_ 
a. June 1, 2020 
Journal entry worksheet 
Record the formation of partnership. 

2 Calculate the balance in each partner, capital account immediately after the June 1, 2021, entry 
Bay, capital Halm Adamscapitil Williams, capital

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