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Assume the following information just prior to the withdrawal of Partner X:
Assets Liabilities
Cash $20,000 Accounts payable $ 5,000
Inventory 50,000
Partners' Capital
X, Capital $10,000
Y, Capital 20,000
Z, Capital 35,000 65,000
$70,000 $70,000
Required:
Question 1: Prepare journal entries to record the following unrelated scenarios:
1. Partner X sells his interest to new partner T for $25,000.
2. Partner X sells his interest to partner Y for $30,000.
3. Partner X sells his interest and is paid a share of partnership net assets as follow
Cash $ 5,000
Inventory 5,000
Accounts payable (2,000)
$ 8,000
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