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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?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9978476

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