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Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1...

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Accounting

Lopez, Cruz, and Perez are partners and share net income and loss in a 7:3:1 ratio (in ratio form: Lopez, 7/11; Cruz, 3/11; 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

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Journal entry worksheet Record the retirement of Perez assuming that she is paid $3,550 for her equity. Note: Enter debits before credits. Journal entry worksheet Record the retirement of Perez assuming that she is paid $1,350 for her equity. Note: Enter debits before credits. Journal entry worksheet Record the retirement of Perez assuming that she is paid $2,500 for her equity. Note: Enter debits before credits

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