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Instructions: (a) Prepare the journal entry to record the withdrawal. (b) Prepare the journal entry assuming that the remaining partners agree to pay $30,000, and

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Instructions: (a) Prepare the journal entry to record the withdrawal. (b) Prepare the journal entry assuming that the remaining partners agree to pay $30,000, and that the profit sharing of the remaining partners in 1:4 ratio, respectively.

2. Armstrong plans to leave the JT Partnership. At this time her capital account is $48,000. The remaining partners, Tanner and Jackson, agree to pay Armstrong S58,000. Assume the partners have no agreement for sharing profits and losses. Prepare the journal entry to record the withdrawal. Prepare the journal entry assuming that the remaining partners agree to pay S30,000, and that the profit sharing of the remaining partners in 1:4, respectively a. b. Account Title PR Debit Credit

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