Jones, Jasper, and Judy each have a $70,000 capital balance. Jones is retiring from the business. The profit-and-loss-sharing ratio for debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Debit Credit Jul. 31 70,000 3,000 Accounts and Explanation Jones, Capital Jasper, Capital Judy. Capital Cash To record withdrawal of Jones from the partnership 2,000 75,000 maring ratio for Jones, Jasper, and Judy is 12:3, repectively. Joumalize the payment of $75,000 to Jones upon his retirement on July 31. (Record