On July 31, Suzie retires from the partnership of Suzie, Brandon, and Trent. The partner capital...

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On July 31, Suzie retires from the partnership of Suzie, Brandon, and Trent. The partner capital balances are Suzie, $50,000; Brandon $55,000; and Trent, $18,000. The profit-and-loss-sharing ratio has been 5:3:2 for Suzie, Brandon, and Trent, respectively. Requirements 1. Journalize the withdrawal of Suzie assuming she receives $70,000 cash. 2. Journalize the withdrawal of Suzie assuming she receives $38,000 cash. Requirement 1. Journalize the withdrawal of Suzie assuming she receives $70,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jul. 31 Accounts and Explanation Debit Credit On July 31, Suzie retires from the partnership of Suzie, Brandon, and Trent. The partner capital balances are Suzie, $50,000; Brandon $55,000; and Trent, $18,000. The profit-and-loss-sharing ratio has been 5:3:2 for Suzie, Brandon, and Trent, respectively. Requirements 1. Journalize the withdrawal of Suzie assuming she receives $70,000 cash. 2. Journalize the withdrawal of Suzie assuming she receives $38,000 cash. Requirement 1. Journalize the withdrawal of Suzie assuming she receives $70,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jul. 31 Accounts and Explanation Debit Credit

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The journal entries for Suzies withdrawal from the partnership are as follows 1 If Suzie receives 70... View the full answer