Part $1$ of $2$

Points: $0$ of $3$

Justin, Sophia, and Caleb each have a $$240,000$ capital balance. They share profits and losses as follows: $1$:$1$:$2$ to Justin, Sophia, and Caleb, respectively. Suppose Caleb is withdrawing from the business.

Requirements

Journalize the withdrawal of Caleb if the partnership agrees to pay Caleb $$240,000$ cash.

Journalize the withdrawal of Caleb if the partnership agrees to pay Caleb $$210,000$ cash.

Requirement $1.$ Journalize the withdrawal of Caleb if the partnership agrees to pay Caleb $$240,000$ cash. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Date $1$