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Lopez, Cruz, and Perez are partners and share net income and loss in a 73:1...

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Accounting

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Lopez, Cruz, and Perez are partners and share net income and loss in a 73:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3M11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez, $4,300; Cruz, $3,100; and Perez, $2,500. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $2,500 (2) $3,550; and (3) $1,350. View transaction list Journal entry worksheet 1 2 3 Record the retirement of Perez assuming that she is paid $2,500 for her equity Note: Enter debits before credits Dato General Journal Debit Credit Dec 31 Journal entry worksheet 1 3 Record the retirement of Perez assuming that she is paid $3,550 for her equity. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Journal entry worksheet 1 2 3 Record the retirement of Perez assuming that she is paid $1,350 for her equity. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31

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