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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

(c) Sold the equipment for $3,000

(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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