S Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a...

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S Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20% ). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record the retirement of Tulip under the following independent assumptions. Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership cash. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $60,000. Note: Enter debits before credits. Transaction (a) General Jornal Debit Credit S Hunter, Folgers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio (in percents: Hunter, 50%; Folgers, 30%; and Tulip, 20% ). On January 31, the date Tulip retires from the partnership, the equities of the partners are Hunter, $150,000; Folgers, $90,000; and Tulip, $60,000. Prepare journal entries to record the retirement of Tulip under the following independent assumptions. Assume Tulip is paid $60,000, $80,000, $30,000 for her equity using partnership cash. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 Record the retirement of Tulip on the assumption that she is paid for her equity using partnership cash of $60,000. Note: Enter debits before credits. Transaction (a) General Jornal Debit Credit