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Reed is anxious to leave the RD Partnership. At this time her capital account is $52,000. The remaining partners, Tool and June, agree to pay
Reed is anxious to leave the RD Partnership. At this time her capital account is $52,000. The remaining partners, Tool and June, agree to pay Reed $50,000 in cash. Prepare the journal entry to record the withdrawal. Assume the partners have no agreement for sharing profits and losses.
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