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On December 31, 2021, capital balances of the partners in Shelby Charters are M. Knight $44.400;C. Murphy $35,600, and T. Shelby 525,900. The partners share

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On December 31, 2021, capital balances of the partners in Shelby Charters are M. Knight $44.400;C. Murphy $35,600, and T. Shelby 525,900. The partners share profit in a 5:3.2 ratio, respectively. Shelby decides that she is going to leave the partnership Assume that Shelby receives cash from the partnership when she withdraws. Journalize the withdrawal of Shelby if she receives $42,500 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manual Date Account Titles and Explanation Debit Credit Dec 31 1.Shelby, Capital 25900 M.Knicht, Capital 10375 C. Murphy. Capital 6225 42500 (To record withdrawal of partner) Journalize the withdrawal of Shelby if she receives $18,300 cash. (Credit account titles are automatically indented when the amount is enter Date Account Titles and Explanation Debit Credit Dec. 31 (To record withdrawal of partner.)

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