Suppose Sean is withdrawing from the partnership of Sean, Mohid, and Beth. The partners share profits and losses in a 1:2:3 ratio for Sean, Mohid, and Beth, respectively. After the revaluation of assets, Seans Capital balance is $40,000, and the other partners agree to pay him $30,000. Mohid and Beth agree to a new profit-and-loss-sharing ratio of 2:3 for Mohid and Beth, respectively. Journalize the payment to Sean for his withdrawal from the partnership on August 31.

5 Journalize withdrawal of a partner