Assume the same information as in QS 11-18 except that the Equipment was sold for $85,000 on

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Assume the same information as in QS 11-18 except that the Equipment was sold for $85,000 on April 1, 2023. Prepare the journal entry to record the final distribution of cash.



Data From QS 11-18


Sam, Andrew, and Mary were partners in Gem Skateboard Company. The partners shared profits and losses 3:2:3, respectively. On April 1, 2023, the partnership showed the following account balances just prior to liquidation:


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Equipment was sold for $175,000. Prepare the journal entry to record the final distribution of cash.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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