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Accounting for the liquidation of a partnership
The Kelly & Lena partnership has the following balances on June 30, 2012:
KELLY & LENA Balance Sheet June 30, 2012
Assets
Liabilities and Owners' equity
Cash
$ 5,000
Accounts payable
$20,000
Other assets
30,000
Kelly, capital
8,000
Lena, capital
7,000
Total assets
$35,000
Total liabilities and owners' equity
Kelly and Lena share profits 2:3.
Requirement
1. Journalize the sale of the noncash assets for $25,000, the payment of the liabilities, and the payment to the partners.
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