Questio 5 F:12

On July 31 , Sandra retires from the partnership of Sandra, Brandon, and Ted. The partner capital balances are Sandra, $32,000; Brandon $46,000; and Ted, $23,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sandra, Brandon, and Ted, respectively. Requirements 1. Journalize the withdrawal of Sandra assuming she receives $70,000 cash. 2. Journalize the withdrawal of Sandra assuming she receives $10,000 cash. Requirement 1. Journalize the withdrawal of Sandra assuming she receives $70,000 cash. (Record debits first, then credits. Select the explanation on the last of the journal entry table.)