Prepare journal entries for

(a)

the sale of inventory,

(b)

the allocation or its gaying of liabilities at book value, and

(d)

the distribution of cash in each of the following separate cases: Inventory is sold for (1)

$600,000

; (2)

$500,000

; (3)

$320,000

and partners with deficits pay their deficits in cash; and (4)

$250,000

and partners with deficits do not pay their deficits. (Round to the nearest dollar.)

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(c) the payment Prepare journal entries for (a) the sale of inventory, (b) the allocation of its gall! of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Inven tory is sold for (1) $600,000; (2) $500,000; (3) $320,000 and partners with deficits pay their deficits in cash; and (4) $250,000 and partners with deficits do not pay their deficits. (Round to the nearest dollar. (c) the payment Prepare journal entries for (a) the sale of inventory, (b) the allocation of its gall! of liabilities at book value, and (d) the distribution of cash in each of the following separate cases: Inven tory is sold for (1) $600,000; (2) $500,000; (3) $320,000 and partners with deficits pay their deficits in cash; and (4) $250,000 and partners with deficits do not pay their deficits. (Round to the nearest dollar.

Answer rating: 100% (QA)

ANSWER Sure here are the journal entries for each case Case Journal Entry a Sale of Inventory Debit ... View the full answer