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Jonah, Justin, and Julie each have a $70,000 capital balance. Jonah is retiring from the business. The profit-and-loss-sharing ratio for Jonah, Justin, and Julie

Jonah, Justin, and Julie each have a $70,000 capital balance. Jonah is retiring from the business. The profit-and-loss-sharing ratio for Jonah, Justin, and Julie is 2:3:2, repectively. Journalize the payment of $86,000 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 Accounts and Explanation Debit Credit Jul. 31

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