Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio

Meir, Zarcus, and Ross are partners and share income and loss in a 1:4:5 ratio. The partnership's capital balances are as follows: Meir, $33,000; Zarcus, $139,000; and Ross, $178,000. Zarcus decides to withdraw from the partnership, and the partners agree to not have the assets revalued upon Zarcus's retirement.

Requirement 1:

Prepare journal entries to record Zarcus's February 1 withdrawal from the partnership under each of the following separate assumptions (Round your answers to the nearest dollar amount. Omit the "$" sign in your response.):

(a)

 Zarcus sells her interest to Garcia for $160,000 after Meir and Ross approve the entry of Garcia as  a partner

Date

General Journal

Debit

Credit

Feb. 1

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