On December 31, 2024, capital balances of the partners in Jennifer Charters are C. David $36,000; M. Charlie $28,000; and T. Jennifer $20,000. The partners share profit in a 5:3:2 ratio, respectively. Jennifer decides that she is going to leave the partnership. Assume that Jennifer receives cash from the partnership when she withdraws. (a) Journalize the withdrawal of Jennifer if she receives $28,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Dec. 31 < Debit Credit
On December 31, 2024, capital balances of the partners in Jennifer Charters are C. David $36,000; M. Charlie $28,000; and T. Jennifer $20,000. The partners share profit in a 5:3:2 ratio, respectively. Jennifer decides that she is going to leave the partnership. Assume that Jennifer receives cash from the partnership when she withdraws. (a) Journalize the withdrawal of Jennifer if she receives $28,000 cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Dec. 31 < Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On December 31, 2024, capital balances of the partners in Jennifer Charters are C. David $36,000; M. Charlie $28,000; and T.
Jennifer $20,000. The partners share profit in a 5:3:2 ratio, respectively. Jennifer decides that she is going to leave the partnership.
Assume that Jennifer receives cash from the partnership when she withdraws.
(a)
Journalize the withdrawal of Jennifer if she receives $28,000 cash. (Credit account titles are automatically indented when the amount
is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles
and enter O for the amounts.)
Date Account Titles
Dec. 31
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Debit
Credit
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