Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Ais

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Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 1 (17.49 KiB) Viewed 9 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 2 (29.39 KiB) Viewed 9 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 3 (18.83 KiB) Viewed 9 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 4 (7.35 KiB) Viewed 9 times

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 $286.000 cash and $372,000 of equipment, respectively. The partnership also assumed responsibility for a $46.000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $156.000, 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, 2020, Adams withdrew cash of $106,000. At year end, May 31, 2021, the Income Summary account had a credit balance of $440.000. On June 1, 2021, Peter Williams invested $126.000 and was admitted to the partnership for a 20% interest in equity Required: 1. Prepare journal entries for the following dates.
17 8. binti ebook e. May 31, 2021 View transaction list Journal entry worksheet < 1 Record the closing of profit to capital. Nite biter debit before cred Date May 31, 2021 Income summary Bow capita usha Adams capital General Journal Recondary Clear entry Debit 440.000 Credit View all Help Save & Exi Submit
28 atliek Re d. June 1, 2021 View transaction f Journal entry worksheet Record the admission of Williams for a 20% interest es becreas Date June 01, 2021 Gan General Journal Bapt Asha Adams, cal ter Witam cap Debit 126 000 Cre
2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry Bow, capital Aisha Adams, capital Williams, capital