On December 31, 2024, capital balances of the partners in Michelle Charters are C. Anthony $64,800; M. Jason $50,400; and T. Michelle $36,000. The
On December 31, 2024, capital balances of the partners in Michelle Charters are C. Anthony $64,800; M. Jason $50,400; and T. Michelle $36,000. The partners share profit in a 5:3:2 ratio, respectively. Michelle decides that she is going to leave the partnership. Assume that Michelle receives cash from the partnership when she withdraws. (a) Journalize the withdrawal of Michelle if she receives $50,400 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Dec. 31 Debit Credit
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