Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio...

Transcribed Image Text:

Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez, 6/11; Cruz, 4/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $3,200; Cruz, $2,000; and Perez, $1,400. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $1,400; (2) $1,900; and (3) $800. View transaction list Journal entry worksheet 1 2 3 Record the retirement of Perez assuming that she is paid $1,400 for her equity. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general Journal Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez, 6/11; Cruz, 4/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $3,200; Cruz, $2,000; and Perez, $1,400. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $1,400; (2) $1,900; and (3) $800. View transaction list Journal entry worksheet 1 2 3 Record the retirement of Perez assuming that she is paid $1,400 for her equity. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general Journal