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How to make the journal entries to record the transactions

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The BlueFin Partnership agrees to dissolve. The cash balance after selling all assets and paying all liabilities is $60,000. The final capital account balances are: Smith, $35,000; Nagy, $29,000; and Russ, ($4,000). Russ is unable to pay the capital deficiency.

Question 1: Prepare the journal entries to record the transactions required to dissolve this partnership.

Reference no: EM132560250

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