Donna Karr, Alice Wright, and Nancy Shaffer have capital balances of $100,000, $70,000, and $50,000, respectively, and they share profit on a 4:3:3 basis.
Instructions
Journalize the withdrawal of Wright from the partnership under each of the following circumstances:
a. Wright is paid $70,000 in cash from partnership assets.
b. Wright is paid $77,000 in cash from partnership assets.
c. Wright is paid $49,000 in cash from partnership assets.

Question

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The Answer of Donna Karr, Alice Wright, and Nancy Shaffer have capital balances of $100,000, $70,000, and $50,000, respectively, and they share profit on a 4:3:3 basis.
Instructions
Journalize the withdrawal of Wright from the partnership under each of the following circumstances:
a. Wright is paid $70,000 in cash from partnership assets.
b. Wright is paid $77,000 in cash from partnership assets.
c. Wright is paid $49,000 in cash from partnership assets.

Donna Karr, Alice Wright, and Nancy Shaffer Have Capital Balances