28 points Un June 1. 2020, Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributin

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28 Points Un June 1 2020 Bow And Aisha Adams Formed A Partnership To Open A Gluten Free Commercial Bakery Contributin 1 (16.85 KiB) Viewed 148 times

28 points Un June 1. 2020, Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $295.000 cash and $390,000 of equipment, respectively. The partnership also assumed responsibility for a $55.000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of 5165.000, both are to receive an annual interest allowance of 8% 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, 2020. Adams withdrew cash of $115.000. At year end. May 31, 2021.the Income Summary account had a credit balance of $530,000. On June 1, 2021. Peter Williams invested $135.000 and was admitted to the partnership for a 20% interest in equity DOOR Print Required: 1. Prepare journal entries for the following dates References