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Problem 11-7A Withdrawal of a partner LO4 Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale,
Problem 11-7A Withdrawal of a partner LO4 Gale, McLean, and Lux are partners of Burgers and Brew Company with capital balances as follows: Gale, $87,000; McLean, $75,000; and Lux, $150,000. The partners share profit and losses in a 3:2:5 ratio. McLean decides to withdraw from the partnership. Prepare General Journal entries to record the May 1, 2020, withdrawal of McLean from the partnership under each of the following unrelated assumptions: a. McLean sells his interest to Freedman for $171,000 after Gale and Lux approve the entry of Freedman as a partner (where McLean receives the cash personally from Freedman). View transaction list View journal entry worksheet No Date General Journal 1 May 01, 2020 McLean, capital Freedman, capital Debit Credit (
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