Jimmy, Sabrina, and Cameron each have a $360,000 capital balance. They share profits and losses...
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Jimmy, Sabrina, and Cameron each have a $360,000 capital balance. They share profits and losses as follows: 2:6:2 to Jimmy, Sabrina, and Cameron, respectively. Suppose Cameron is withdrawing from the business Requirements 1. Journalize the withdrawal of Cameron if the partnership agrees to pay Cameron $360,000 cash. 2. Journalize the withdrawal of Cameron if the partnership agrees to pay Cameron $150,000 cash. Requirement 1. Journalize the withdrawal of Cameron if the partnership agrees to pay Cameron $360,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Requirement 2. Journalize the withdrawal of Cameron if the partnership agrees to pay Cameron $150,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
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