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Lopez. Cruz, and Perez are partners and share net income and loss in a 6:4:1...

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Accounting

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Lopez. Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez, 6/11: Cruz, 4/11; and Perez, 1/11). On December 31, Perez withdraws from the partnership when the equities of the partners are: Lopez. $5,000: Cruz, $3,800; and Perez, $3,200. Prepare journal entries to record Perez's withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $3,200 (2) $4,600; and (3) $1700. View transaction list Journal entry worksheet Record the retirement of Perez assuming that she is paid $3,200 for her equity Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general Journal

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