Question

From the following, journalize the
(a) Sale of assets
(b) Loss or gain from liquidation realization. Given:
Cash ............. $ 3,350
Other Assets .......... 17,000
Liabilities ............ 4,900
Maxwell, Capital ......... 5,900
Brook, Capital .......... 7,800
Eddie, Capital .......... 8,300
Partners agreed to share losses or gains in an 8:4:4 ratio and sold assets for $21,000.



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  • CreatedApril 24, 2014
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