After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Zott, $45,000; Payne, $60,000; Tejada, $47,000. If Tejada retired and withdrew $47,000 in settlement of his equity, the debit to his capital account would be in the amount of

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Tejada's capital account had a credit balance of $47,000 before the withdrawal. When he withdraws $47,000, his capital account will be reduced by that amount, resulting in a zero balance. Therefore, the debit to his account will be equal to his credit balance before the withdrawal, which is $47,000.

After Closing the Temporary Owners' Equity Accounts into Income Summary