After liquidating noncash assets and paying creditors, account balances in the Heartley Co. are Cash ....... $19,000

Question:

After liquidating noncash assets and paying creditors, account balances in the Heartley Co. are

Cash ....... $19,000

A Capital (Cr.) .. $8,000

L Capital (Cr.) ... $7,000

And

F Capital (Cr.) .. $4,000

The partners share income equally. Journalize the final distribution of cash to the partners.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...