Jones, Jasper, and Judy each have a $70,000 capital balance. Jones is retiring from the business. The profit-and-loss-sharing ratio debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 31 siness. The profl-and-loss-sharing ratio for Jones, Jasper, and Judy is 1.2 3. repectively. Joumaise the payment of $75,000 to Jones upon his retirement on July 31. (Record Credit