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Prepare journal entries for the sale of inventory

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Question - Kendra, Cogley, and Mei share income and loss in a 3: 2: 1 ratio (K' share is 3/6, C's 2/6 and M's 1/6). The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.

KENDRA, COGLEY, AND MEI Balance Sheet May 31

Assets Liabilities and Equity Cash $199,100

Accounts payable $258,000

Inventory 548,400

Kendra, Capital 97,900

Cogley, Capital 220,275

Mei, Capital 171,325

Total assets $747,500

Total liabilities and equity $747,500

Prepare journal entries for: (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash assuming the partnership's inventory is sold for $625,200.

Question - Kendra, Cogley, and Mei share income and loss in a 3: 2: 1 ratio (K' share is 3/6, C's 2/6 and M's 1/6). The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.

KENDRA, COGLEY, AND MEI Balance Sheet May 31

Assets Liabilities and Equity Cash $199,100

Accounts payable $258,000

Inventory 548,400

Kendra, Capital 97,900

Cogley, Capital 220,275

Mei, Capital 171,325

Total assets $747,500

Total liabilities and equity $747,500

Prepare journal entries for: (a) the sale of inventory, (b) the allocation of its gain or loss, (c) the payment of liabilities at book value, and (d) the distribution of cash assuming the partnership's inventory is sold for $625,200.

Reference no: EM132546418

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