The Partnership Shows the Following Capital Balances at the Date

Multiple Choice

The partnership shows the following capital balances at the date of Lance's withdrawal: Willow,$84,000,Lance,$38,000,and Jordan,$38,000.The partners (Willow,Lance,and Jordan) share income and loss equally.Lance withdraws and is paid $38,000 of cash.How would the partnership record the withdrawal of Lance?

A) Debit Cash for $38,000 and credit Lance,Capital for $38,000
B) Debit Lance,Capital for $38,000 and credit Cash for $38,000.
C) Debit Willow,Capital for $19,000,debit Jordan,Capital for $19,000 and credit Cash for $38,000.
D) Debit Willow,Capital for $38,000 and credit Cash for $38,000.
E) Debit Jordan,Capital for $38,000 and credit Cash for $38,000.