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 (20.99 KiB) Viewed 11 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 2 (52.6 KiB) Viewed 11 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 3 (30.95 KiB) Viewed 11 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 4 (44.97 KiB) Viewed 11 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 5 (37.29 KiB) Viewed 11 times

Problem 11 6a Partnership Entries Profit Allocation Admission Of A Partner Lo2 3 4 On June 1 2020 Jill Bow And Ais 6 (15.42 KiB) Viewed 11 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 $293.000 cash and $386,000 of equipment, respectively. The partnership also assumed responsibility for a $53.000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $163,000, 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 $113,000. At year-end May 31, 2021, the Income Summary account had a credit balance of $510,000. On June 1, 2021, Peter Williams invested $133,000 and was admitted to the partnership for a 20% interest in equity.
1. Prepare journal entries for the following dates. a. June 1, 2020 View transaction list Journal entry worksheet 1 Record the formation of partnership. Note: Enter debits before credits. Date June 01, 2020 Cash Equipment D General Journal Jill Bow, capital Aisha Adams, capital Notes payable Debit 293,000 386,000 Credit 293,000 333,000 53.000
b. November 20, 2020 View transaction list Journal entry worksheet 1 Record the withdrawal by partner. Note: Enter debits before credits. General Journal. Date Nov 20, 2020 Aisha Adams, withdrawals Cash Debit 113.000 Credit 113.000
c. May 31, 2021 View transaction list Journal entry worksheet < 1 Record the closing of profit to capital. Note: Enter debits before credits. General Journal Date May 31, 2021 Income summary Jill Bow, capital Aisha Adams, capital Debit 510.000 Credit
d. June 1, 2021 View transaction list Journal entry worksheet 1 4 Record the admission of Williams for a 20% interest. Note: Enter debits before credits. Date June 01, 2021 Cash General Journal Debit Credit
2. Calculate the balance in each partner's capital account immediately after the June 1, 2021, entry Bow, capital Aisha Adams, capital Williams, capital