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 .
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- 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, $3,200; Cruz, $2,000; and Perez, $1,400. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $1,400; (2) $1,900; and (3) $800.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, $3,500; Cruz, $2,300; and Perez, $1,700. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $1,700; (2) $2,350; and (3) $950. View transaction list Journal entry worksheet 1 2 3 Record the retirement of Perez assuming that she is paid $1,700 for her equity. Note: Enter debits before credits. Date December 31 General Journal Debit CreditLopez, 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, $3,500; Cruz, $2,300; and Perez, $1,700. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $1,700; (2) $2,350; and (3) $950. View transaction list Journal entry worksheet 2 3 1 Record the retirement of Perez assuming that she is paid $1,700 for her equity. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry Debit Credit View general journal >
- Wright, Bell, and Edison are partners and share income in a 2:5:3 ratio. The partnership's capital balances are as follows: Wright, $33,000, Bell $27,000 and Edison $40,000. Edison decides to withdraw from the partnership, and the partners agree not to revalue the assets upon Edison's retirement. The journal entry to record Edison's June 1 withdrawal from the partnership if Edison sells his interest to Whitney for $45,000 after the other two partners approve Whitney as partner is: Multiple Choice Debit Edison, Capital $45,000, credit Whitney, Capital $45,000 Debit Edison, Capital $40,000; credit Cash $40,000 Debit Edison, Capital $40,000; debit Wright, Capital $2.500; debit Bell, Capital $2.500; credit Whitney, Capital $45,000 Debit Edison, Capital $40,000, credit Whitney, Capital $40,000 Debit Edison, Capital $40,000, debit Cash $5,000, credit Whitney, Capital $45,000.Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio (in percents: Meir, 30%; Benson, 20%; and Lau, 50%). The partnership’s capital balances are as follows: Meir, $168,000; Benson, $138,000; and Lau, $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson’s February 1 withdrawal under each separate assumption: a. Benson sells her interest to North for $160,000 after North is approved as a partner. b. Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner. c. Benson is paid $138,000 in partnership cash for her equity. d. Benson is paid $214,000 in partnership cash for her equity. e. Benson is paid $30,000 in partnership cash plus equipment recorded on the partnership books at $70,000 less its accumulated depreciation of $23,200. Part 2. Assume that Benson does not retire from the partnership described in part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25%…Matt is withdrawing from the partnership of Matt, Lee, and Karla. The partners share profits and losses in a 1:2:3 ratio for Matt, Lee, and Karla, respectively. After the revalua- tion of assets, Matt's capital balance is $50,000, and the other partners agree to pay him $60,000. Journalize the payment to Matt and his withdrawal from the partnership.
- Fluffy, Anjelah, and Lopez are partners and share income and losses as follows: Fluffy, 20%; Anjelah, 30%; and Lopez, 50%. The partnership’s capital balances follow: Fluffy, $330; Anjelah, $270; and Lopez, $400. Lopez decides to withdraw from the partnership. Prepare journal entries to record Lopez’s May 1 withdrawal from the partnership under each separate assumption: a. Lopez sells his interest to Mencia for $500 after Mencia is accepted as a partner. b. Lopez gives his interest to a son-in-law, Madrigal, and Madrigal is accepted as a partner. c. Lopez is paid $400 in partnership cash for his equity. d. Lopez is paid $600 in partnership cash for his equity. e. Lopez is paid $70 in partnership cash plus equipment recorded on the partnership books at $40 less its accumulated depreciation of $10.On October 31, Sally retires from the partnership of Sally, Blake, and Taylor. The partner capital balances are Sally, $36,000; Blake $47,000; and Taylor, $26,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sally, Blake, and Taylor, respectively. Requirements 1. Journalize the withdrawal of Sally assuming she receives $75,000 cash. 2. Journalize the withdrawal of Sally assuming she receives $32,000 cash. ..... Requirement 1. Journalize the withdrawal of Sally assuming she receives $75,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Oct. 31On October 31, Sally retires from the partnership of Sally, Blake, and Taylor. The partner capital balances are Sally, $36,000; Blake $47,000; and Taylor, $26,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sally, Blake, and Taylor, respectively. Requirements 1. Journalize the withdrawal of Sally assuming she receives $75,000 cash. 2. Journalize the withdrawal of Sally assuming she receives $32,000 cash.
- Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $111,000, $62,000, and $32,000, respectively. Assume instead that Foss leaves the partnership. Foss is paid $129,000 with a bonus to the retiring partner. Prepare the journal entry to record Foss’s withdrawal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Masters, Hardy, and Rowen are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Masters, $16,100, Hardy, $16,100, Rowen, $(3,100). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $29,100 in cash to be distributed. Rowen pays $3,100 to cover the deficiency in his account. The general journal entry to record the final distribution would be:Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $143,000, $89,000, and $58,000, respectively. Assume instead that Daggett leaves the partnership. Daggett is paid $177,000 with a bonus to the retiring partner.Prepare the journal entry to record Daggett’s withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount select an account title enter a debit amount enter a credit amount…