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, $$3,500$; Cruz, $$2,300$; and Perez, $$1,700.$ Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of $(1)$ $$1,700$; $(2)$ $$2,350$; and $(3)$ $$950.$

Journal entry worksheet

$1$

$2$

$3$

Record the retirement of Perez assuming that she is paid $$1,700$ for her equity.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,]]$