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Mariam, Francis, and Catherine are partners in a flower business. They share income and loss in a 5-3-2 ratio. On August 1, Catherine leaves the
Mariam, Francis, and Catherine are partners in a flower business. They share income and loss in a 5-3-2 ratio. On August 1, Catherine leaves the partnership- On this date the equities of the partners are Mariam, $320,000; Francis, $224,000; and Catherine, $160,000. Assume Catherine is paid $180,000 cash when she leaves the partnership (Do not round intermediate calculations. Round final answer to the nearest whole dollar.) Required: Prepare the journal entry to record Catherine leaving the partnership- View transaction list Journal entry worksheet Prepare the journal entry to record Catherine leaving the partnership. Note: Enter debits before credits. Transaction General Journal Debit Credit Aug. 1 Record entry Clear entry View general journal
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