Guice and Ward decide to end their partnership on September 21. They share profits and losses equally.
Question:
Guice and Ward decide to end their partnership on September 21. They share profits and losses equally. The account balances of the partnership as of that date follow.
The partnership sold the inventory for $5,000 and the equipment for $2,000. All of the accounts payable will be paid in full with the cash.
Instructions
In your working papers, prepare the journal entries to record the liquidation of this partnership. Use general journal page 85.
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Step by Step Answer:
On September 21 record the sale of inventory Debit Inventory 8800 Credit ...View the full answer
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