3) C. Partner Z withdraws cash of $25,000 and Partner Y withdraws $18,000.

Write the Journal entries required to record each partner's Withdrawal.

4) D Sonny Shade, Roni Rain, and Chloe Cloud form the Stormy Season partnership. Sonny has a capital balance of $200,000; Roni $300,000; and Chloe $600,000. Income and loss allocated based on (1) salaries given to Sonny $70,000, Roni $40,000 and Chloe $20,000; (2) 10% interest based on their capital balances; (3) remainder divided equally. Calculate the amount of net income to be allocated to each partner if net income is $255,000.

(The examples some of Journal Entries for Partnerships)