Reference no: EM13151733
Rachel, Ashley, and Jacob are partners. They share profits and losses equally. After the books are closed, their capital balances are $90,000, $120,000, and $70,000, respectively. Jacob has decided to leave the firm. Which of the following would be included in the entry to record the transaction if the partnership pays Jacob $50,000 in cash and a promissory note for $20,000 for his withdrawal from the partnership?
a) Jacob, capital would be credited for $50,000.
b) Jacob, capital would be debited for $50,000.
c) Jacob, capital would be debited for $70,000.
d) Jacob, capital would be credited for $70,000.
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