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Question 2 - 5 Marks) Armstrong is anxious to leave the JT Partnership. At this time Armstrong's capital account balance is $38,000. The remaining partners,

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Question 2 - 5 Marks) Armstrong is anxious to leave the JT Partnership. At this time Armstrong's capital account balance is $38,000. The remaining partners, Smith and Johnson, agree to pay Armstrong $50,000 in cash. Required: Prepare the journal entry (including explanation(s)) to record the withdrawal. Assume the partners have no agreement for sharing profits and losses. Answer Date Account Debit Credit

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