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. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Perez, Capital Cash Record entry Clear entry View general journal
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. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Perez, Capital Cash Record entry Clear entry View general journal
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
3
Record the retirement of Perez assuming that she is paid $3,200 for her
equity.
Note: Enter debits before credits.
Date
December
31
General Journal
Debit
Credit
Perez, Capital
Cash
Record entry
Clear entry
View general journal
>
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