Jason Rover, Sara Down, and Cam Pret each have a $240,000 capital balance. They share profits and losses as follows: 2:26 to River, Down, and Prell, respectively. Suppose Pred is withdrawing from the business Requirements 1. Joumalize the withdrawal of Pres if the partnership agrees to pay Pres $240,000 cash 2. Joumalize the withdrawal of Pres if the partnership agrees to pay Pres $210,000 cash. Requirement 1. Joumalize the withdrawal of Preti if the partnership agrees to pay Pret $240,000 cash (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit
Jason Rover, Sara Down, and Cam Pret each have a $240,000 capital balance. They share profits and losses as follows: 2:26 to River, Down, and Prell, respectively. Suppose Pred is withdrawing from the business Requirements 1. Joumalize the withdrawal of Pres if the partnership agrees to pay Pres $240,000 cash 2. Joumalize the withdrawal of Pres if the partnership agrees to pay Pres $210,000 cash. Requirement 1. Joumalize the withdrawal of Preti if the partnership agrees to pay Pret $240,000 cash (Record debits first, then credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Jason River, Sara Down, and Cam Preti each have a $240,000 capital balance. They share profits and losses as follows: 2.2.6 to River, Down, and Preti, respectively. Suppose Preti is withdrawing from the business
Requirements
1. Journalize the withdrawal of Pres if the partnership agrees to pay Pres $240,000 cash
2. Journalize the withdrawal of Preti if the partnership agrees to pay Preti $210,000 cash.
Requirement 1. Journalize the withdrawal of Preti if the partnership agrees to pay Pret $240,000 cash (Record debits first, then credits Select the explanation on the last line of the journal entry table)
Date
Accounts and Explanation
Debit
Credit
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