OS 12-11 (Algo) Partner withdrawal LO P4 opez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $3,100; Cruz, $1,900; and Perez, 1,300. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using artnership cash of (1) $1,300; (2) $1,750; and (3) $750. View transaction list Journal entry worksheet 1 2 Record the retirement of Perez assuming that she is paid $750 for her equity. Date December 31 3 Note: Enter debits before credits. Record entry Perez, Capital Cash Cruz, Capital Lopez, Capital General Journal Clear entry Debit 1,300 Credit 750 165 385 View general journal

S 1211 (Algo) Partner withdrawal LO P4 opez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; and Perez, 1/11). in December 31, Perez withdraws from the parthership when the equities of the partners are: Lopez, \$3,100; Cruz, \$1,900; and Perez, 1,300. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using arthership cash of (1) \$1,300; (2) \$1,750; and (3) \$750. Journal entry worksheet Record the retirement of Perez assuming that she is paid $750 for her equity. Note: Enter debits before credits