Show the entries to record the sale of the assets

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Reference no: EM132694731

Levy, Smith and Gretzky are partners with in a technology consulting business. They have capital balances of $35 000, $25 000 and $12 000 respectively. They have an income ratio of 2:3:5. The partnership has the following assets and liabilities: Cash $20 000; Accounts Receivable $7 000; Computer Equipment $60 000; Accumulated Amortization - Computer Equipment $ 40000; Note Payable $15 000. On December 1, the partners decide to liquidate the assets and close the partnership. They manage to collect all of the Accounts Receivable but could get only $6000 for the computer equipment.

Question 1: Show the entries to record the sale of the assets, collection of accounts receivable, the payment of the liabilities.

Question 2: Show the entry to allocate the loss to the partners.

Reference no: EM132694731

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