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Prepare all of the journal entries on may

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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

Reference no: EM132591667

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