Reference no: EM132711161
January 1, 2020 - The partners decide to liquidate the partnership. They have the following balances:
Cash $12,000,
Accounts Receivable $8,166,
Equipment $110,000,
Accumulated Depreciation $25,000,
Accounts Payable $11,000
The partners were able to collect $3,500 of the accounts receivable and sell the equipment for $52,000.
Required:
Problem a. Show the entry to sell off the assets.
Problem b. Show the entry to allocate the loss on sale to the partners.
Problem c. Show the entry to pay off the business liabilities.
Problem d. Show the entry to dissolve the partnership, allocating cash to the partners.
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