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Required Information [The following Information applies to the questions displayed below.] Goering, Zarcus, and Schmit are partners and share Income and loss in a
Required Information [The following Information applies to the questions displayed below.] Goering, Zarcus, and Schmit are partners and share Income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Goering, $23,000; Zarcus, $99,000; and Schmit, $128,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement. Prepare journal entries to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assumptions (Do not round Intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response): (a) Zarcus sells her interest to Getz for $80,000 after Goering and Schmit approve the entry of Getz as a partner. Date Feb. 1 General Journal Debit Credit (b) Zarcus gives her interest to a son-in-law, Swanson, and thereafter Goering and Schmit accept Swanson as a partner. Date Feb. 1 General Journal (c) Zarcus is paid $99,000 in partnership cash for her equity. Date Feb. 1 General Journal (d) Zarcus is paid $137,000 in partnership cash for her equity. Debit Credit Debit Credit
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