Hooks and franklin are in the process of liquidating their

Reference no: EM13600209

Hooks and Franklin are in the process of liquidating their partnership. They share profits and losses in a ratio of 3:1. They have sold all the non cash assets of the partnership. The transactions for the sales are as follows

Date Transactions
May 15 Equipment, with a book value of $10,000 was sold for $12,000.
May 17 Accounts receivable worth $7,000 sold to a finance broker: $6,800.
May 20 Merchandise inventory which cost $3,000, was sold for $1,900

Record the journal entries for the sale of non cash assets by using the general journal.
Instructions:
1. Remember that the journal entries have to be made for both gain and loss.
2. Pass journal entries separately for each transaction.

Reference no: EM13600209

Questions Cloud

Staffing organization answer the following 5 questions : answer the following 5 questions below please use my course textbook only. ltbrgt ltbrgtcourse textbook ltbrgt

Collect the 4 main financial statements from credible : collect the 4 main financial statements from credible sources e.g. nationally syndicated newspapers peer-reviewed

Zero interest bearing note jessica jackson corporation : zero interest bearing note jessica jackson corporation acquires machinery from south company in exchange for a 20000

Bond amortization schedules on january 1 2013 joshua : bond amortization schedules on january 1 2013 joshua jackson company issued 12 100000 face value bonds for 103545.91 a

Hooks and franklin are in the process of liquidating their : hooks and franklin are in the process of liquidating their partnership. they share profits and losses in a ratio of 31.

Compare the returns on equity for the companies and find : three companies-aggressive moderate and conservative---have different working capital management policies as implied by

Prepare a purchases budget in pounds for july august and : lubriderm corporation has the following budgeted sales for the next six-month period month unit sales june 90000 july

Explain the difference between the profits obtained from : brilliant accents company manufactures and sells three styles of kitchen faucets brass chrome and white. production

Desmond drury and ty wilkins have decided to form a : desmond drury and ty wilkins have decided to form a partnership. they have agreed that drury is to invest 20000 and

User Account

All Pages