Question #48: Partner Retires/Liquidates Complete the journal entries for the following two unrelated partnership transactions. Use the Partnership working paper a) Armstrong plans to leave the JT Partnership. At this time her capital account is $48,000. The remaining partners, Tanner and Jackson, agree to pay Armstrong $58,000. Prepare the journal entry to record the withdrawal. Assume the partners have no agreement for sharing profits and losses b) The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100,000 are paid, the capital account balances are: Wong, $80,000 Winslow, $70,000; and Peters, ($4,000). Peters agrees to pay $4,000 in cash to settle his deficiency, Prepare the journal entries required to end the partnership Next - - Previous MacBook Air W E Q o