please help me On June 1, 2023, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $296,000 cash and$392,000 of equipment, respectively. The partnership also assumed responsibility for a $56,000 note payable associated with the equipment.The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $166,000, both are to receive an annualinterest 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, 2023, Adams withdrew cash of $116,000. At year-end, May 31, 2024, the Income Summary account had a creditbalance of $540,000. On June 1, 2024, Peter Williams invested $136,000 and was admitted to the partnership for a 20% interest in equity.Required:1. Prepare journal entries for the following dates. d. June 1, 2024No1DateJune 01, 2024Answer is complete but not entirely correct.CashJill Bow, capitalAisha Adams, capitalBow, capitalAisha Adams, capitalWilliams, capitalPeter Williams, capitalGeneral Journal2. Calculate the balance in each partner's capital account immediately after the June 1, 2024, entry.Answer is complete but not entirely correct.$317,760$ 222,240$ 540,000Debit136,00030.08045.120Credit211.200

Given in the question: Earlier the business which is the partnership business has been formed by two…

d. June 1, 2024 No 1 Date June 01, 2024 Answer is complete but not entirely correct. Cash Jill Bow, capital Aisha Adams, capital Peter Williams, capital General Journal 0000 Debit 136,000 30,080 x 45,120 X 2824 2. Calculate the balance in each partner's capital account immediately after the June 1, 2024, entry. Credit 211,200 x