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On July 31, Sally retires from the partnership of Sally, Brad, and Ted. The partner capital balances are Sally, $52.000; Brad $49,000; and Ted. S20,000.
On July 31, Sally retires from the partnership of Sally, Brad, and Ted. The partner capital balances are Sally, $52.000; Brad $49,000; and Ted. S20,000. The profit-and-loss-sharing ratio has been 5:3.2 for Sally, Brad, and Ted, respectively. Requirements 1. Journalize the withdrawal of Sally assuming she receives 580,000 cash. 2. Journalize the withdrawal of Sally assuming she receives $25,000 cash. Requirement 1. Journalize the withdrawal of Sally assuming she receives $80,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Jul. 31
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