Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio. On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $3,900; Cruz, $2,700; and Perez, $2,100. Prepare journal entries to record Perezs withdrawal under each of the following separate situations: Perez is paid for her equity using partnership cash of (1) $2,100; (2) $2,950; and (3) $1,150.

Journal entry worksheet 2 3 Record the retirement of Perez assuming that she is paid $2,100 for her equity. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 Record the retirement of Perez assuming that she is paid $2,950 for her equity. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Journal entry worksheet