Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez, 6/11; Cruz, 4/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $5,000; Cruz, $3,800; and Perez, $3,200. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $3,200; (2) $4,600; and (3) $1,700. View transaction list Journal entry worksheet < 1 2 3 Record the retirement of Perez assuming that she is paid $3,200 for her equity. Date December 31 Note: Enter debits before credits. General Journal Debit Credit >
Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez, 6/11; Cruz, 4/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $5,000; Cruz, $3,800; and Perez, $3,200. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $3,200; (2) $4,600; and (3) $1,700. View transaction list Journal entry worksheet < 1 2 3 Record the retirement of Perez assuming that she is paid $3,200 for her equity. Date December 31 Note: Enter debits before credits. General Journal Debit Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez, 6/11; Cruz, 4/11; and Perez, 1/11).
On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $5,000; Cruz, $3,800; and Perez,
$3,200. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using
partnership cash of (1) $3,200; (2) $4,600; and (3) $1,700.
View transaction list
Journal entry worksheet
< 1
2
Record the retirement of Perez assuming that she is paid $3,200 for her
equity.
Date
December 31
3
Note: Enter debits before credits.
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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