On December 31, Perez withdraws from the partnership when the equities of 52,700. Prepare journal entries to record Perez's withdrawal under each sepa partnership cash of (1) $2,700: (2) $3,850; and (3) $1,450. View transaction list Journal entry worksheet .
On December 31, Perez withdraws from the partnership when the equities of 52,700. Prepare journal entries to record Perez's withdrawal under each sepa partnership cash of (1) $2,700: (2) $3,850; and (3) $1,450. View transaction list Journal entry worksheet .
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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, $4,500; Cruz, $3,300; and Perez,
$2,700. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using
partnership cash of (1) $2,700; (2) $3,850; and (3) $1,450.
View transaction list
Journal entry worksheet
<
1
2
3
Record the retirement of Perez assuming that she is paid $2,700 for her
equity.
Date
December 31
Note: Enter debits before credits.
General Journal
Debit
Credit
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