Question: The partnership of Jackson Rackley and Surber is being liquidated

The partnership of Jackson, Rackley, and Surber is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation, their balance sheet looks as follows:

Journalize the entries needed in the liquidation process under the following independent situations and assume a date of April 1, 201X, for sale of assets and April 15 for paying off liabilities and distributing cash to partners:
Situation 1: Sold other assets for $32,100.
Situation 2: Sold other assets for $6,300.
Situation 3: Sold other assets for $1,500. Surber cannot cover hisdeficit.

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  • CreatedApril 24, 2014
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