Exercise (Algo) Accounting debts investments classified as trading LO P1, Cheat Sheet of Financial Accounting

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7:08 PM Sun Mar 27 =~ 76% (HE) < » aa AA @ ezto.mheducation.com C, mh + Ciscu Welcot IM 20 - Ch 14:... | ® Articles | (3 Chegg Search 4-Ch12:Su... G howro gett... (} Microsoft Of... | GB (44) 19 HOR... | G calculator -... Ch 12: Summative Quiz @ Submitted 100/100 Total points awarded Help Exit 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, $4,000; Cruz, $2,800; and Perez, $2,200. Prepare journal entries to record Perez’s withdrawal under each separate situation: Perez is paid for her equity using partnership cash of (1) $2,200; (2) $3,100; and (3) $1,200. resse.ge | [epee [Genera togenat | meee [create | points awarded 1 December 31 Perez, Capital Q 2,200 @ Scored Cash @ 2,200 @ 2 | December 31 Perez, Capital Q 2,200 @ Lopez, Capital Q 540 @ Cruz, Capital Q 360 g Cash Q 3,100 @ 3 December 31 Perez, Capital & 2,200 @ Lopez, Capital Q 600 © Cruz, Capital @ 400 @ Cash Q 1,200 @ < Prev 4of6 HE Next >