Wright,Bell,and Edison Are Partners and Share Income in a 2:5:3

Multiple Choice

Wright,Bell,and Edison are partners and share income in a 2:5:3 ratio.The partnership's capital balances are as follows: Wright,$33,000,Bell $27,000 and Edison $40,000.Edison decides to withdraw from the partnership,and the partners agree not to revalue the assets upon Edison's retirement.The journal entry to record Edison's June 1 withdrawal from the partnership if Edison is paid $40,000 for his equity is:

A) Debit Edison,Capital $40,000;credit Cash $40,000.
B) Debit Wright,Capital $20,000;Debit Bell,Capital $20,000;credit Cash $40,000.
C) Debit Wright,Capital $20,000;Debit Bell,Capital $20,000;credit Edison,Capital $40,000.
D) Debit Edison,Capital $40,000;credit Wright,Capital $20,000;credit Bell,Capital $20,000.
E) Debit Cash $40,000;credit Edison,Capital $40,000.