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Jonah, Jayden, and Julie each have a $100.000 capital balance. Jonah is retiring from the business. The profit-and-loss-sharing ratio for Jonah, Jayden, and Julle is
Jonah, Jayden, and Julie each have a $100.000 capital balance. Jonah is retiring from the business. The profit-and-loss-sharing ratio for Jonah, Jayden, and Julle is 232, repectively. Journalize the payment of $118,000 to Jonah upon his retirement on July 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Debit Credit Jul. 31 Accounts and Explanation Jonah, Capital Jayden, Capital Julie, Capital Cash To record withdrawal of Julie from the partnership
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