Table 12-8 Jimmy, Johnny, and Joey Are Partners in the 3J Company

Table 12-8
Jimmy, Johnny, and Joey are partners in the 3J Company sharing profits and losses equally. Joey has decided to leave the partnership. After all accounts have been updated, the capital balances of the partners are currently $90,000, $120,000, and $70,000, respectively.
-Refer to Table 12-8.Assume Joey takes $50,000 in cash and a promissory note for $20,000.The entry to record his withdrawal includes a:

A) credit to Joey, Capital for $70,000
B) debit to Joey, Capital for $50,000
C) credit to Joey, Capital for $50,000
D) debit to Joey, Capital for $70,000