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  3. on october 31, sierra retires from the partnership

On October 31, Sierra retires from the partnership of Sierra, Benny, and Terry. The partner...

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Accounting

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On October 31, Sierra retires from the partnership of Sierra, Benny, and Terry. The partner capital balances are Sierra, 546,000; Benny $46,000; and Terry, 522,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sierra, Benny, and Terry, respectively Requirements 1. Journalize the withdrawal of Sierra assuming she receives $55,000 cash. 2. Journalize the withdrawal of Sierra assuming she receives $38,000 cash. ... Requirement 1. Journalize the withdrawal of Sierra assuming she receives $55,000 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. 31 46,000 Sierra, Capital Benny, Capital Terry, Capital Cash To record withdrawal of Sierra from the partnership

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