From the following, journalize the (a) Sale of assets and (b) Distribution of loss or gain from
Question:
From the following, journalize the
(a) Sale of assets and
(b) Distribution of loss or gain from liquidation realization. Given:
Partners agreed to share losses or gains in a 3:3:4 ratio and sold other assets for $22,500.
Transcribed Image Text:
Cash Other Assets Liabilities Maxwell, Capital Carillo, Capital Eaton, Capital $ 3,300 18,500 4,400 5,200 7,400 8,300
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Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780137504282
15th Edition
Authors: Jeffrey Slater, Mike Deschamps
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