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Record all journal entries to dissolve the partnership

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Question -

January 1 - The partners decide to liquidate the partnership (McNabb and Brady that share 50/50 of the company). They have the following balances:

Cash $29 917

Accounts Receivable $4 500

Equipment $ 110 000

Accumulated Depreciation $ 25 000

Accounts Payable $ 4 417

The partners were able to collect $3 500 of the accounts receivable and sell the equipment for $72 000.

Required - Record all journal entries to dissolve the partnership.

Reference no: EM132435978

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