E-F:12-21 Accounting for withdrawal of a partner On March 31, Sara retires from the partnership of Sara, Brenden, and Tim. The partner capital balances are Sara, $48,000; Brenden, $48,000; and Tim, $21,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sara, Brenden, and Tim, respectively. Requirements 1. Journalize the withdrawal of Sara assuming she receives $60,000 cash. 2. Journalize the withdrawal of Sara assuming she receives $30,000 cash. Learning Objective 5 1. Tim, Capital $4,800 DR

E-F:12-21 Accounting for withdrawal of a partner On March 31, Sara retires from the partnership of Sara, Brenden, and Tim. Thi partner capital balances are Sara,$48,000; Brenden, $48,000; and Tim, $21,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sara, Brenden, and Tim, respectively. Requirements 1. Journalize the withdrawal of Sara assuming she receives $60,000 cash. 2. Journalize the withdrawal of Sara assuming she receives $30,000 cash