Cheese Partners has decided to close the store. At the date of closing, Cheese Partners had the
Question:
Cheese Partners has decided to close the store. At the date of closing, Cheese Partners had the following account balances:
A competitor agrees to buy the inventory and store fixtures for $20,000. Prepare the journal entries detailing the liquidation, assuming that partners Colette and Swarma are sharing profits on a 50:50 basis:
Capital Cash Inventory Store fixtures Accounts payable $ 9,000 $ 6,000 $15,000 $10,000 $22,000
Step by Step Answer:
Cash 20000 Loss on realization 5000 Inventory 15000 St...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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