Solution-Present entries to record disposed of merchandise

Present entries to record disposed of merchandise inventory

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Reference no: EM13879181

The accounts of Sully and Todd had the following bala nces when they decided to discontinue operations:

Accounts Payable	$ 6,700	Lara Todd, Capital	$15,000
Accumulated Depreciation, Equip.	6,150	Merchandise Inventory	19,000
Cash	16,000	Notes Payable	1,500
Equipment	8,800	Supplies	550
Frank Sully, Capital	15,000

The partners share profits and losses equally. Present the entries to record the following transactions:

(a) Received $400 upon sale of supplies

(b) Disposed of the merchandise inventory, receiving $22,000

(d ) Distributed the loss or gain to the partners

(e) Paid all liabilities

(f) Distributed the remaining cash 373.

Reference no: EM13879181

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Present entries to record disposed of merchandise inventory

Reference no: EM13879181

Reference no: EM13879181

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