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Ying and HEnry are in the process of liquidating their partnership. they have always shared income and losses at 3:2 ratio. The account balances are as follows:
Explanation Cash Car Accumulated Depreciation accounts Payable Ying Capital Henry Capital
Balances May 30,2017 28,000 36,000 (19,500) 17,200 14,800 12,500
Required:
Question 1: Prepare all of the journal entries on May 30,2017 to record the liquidation of the partnership. The car sold for 15,000 cash
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