Les Wallace Mavis Dunn and Sig Jensen were partners and
Les Wallace, Mavis Dunn, and Sig Jensen were partners and showed the following account balances as of December 31, 2014:

Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $56,000 on January 1, 2015. The partners share any income (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Jensen respectively.

Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, and final distribution ofcash).
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help