LUI PARNERSHIP PROBLEMS (CHAPTER 17 ADVANCE ACCOUNTING BOOK) PROBLEM II Kaiser HOLMES AND KAISER PARTNERSHIP STATEMENT OF PARTNERSHIP LIQUIDATION FOR THE PERIOD JANUARY 1, 2009, TO JANUARY 31, 2009 (IN THOUSANDS) Moncash Priority Holmes Holmes Assets Ubbes Capital (70%) Capital (30%) Balances January 1, 2009 $40 Sale of inventory Sale of plant assets Loan $35 5 gla gal al 8 32983 Colection of recetables 15 al 2 el elgebee Payment fabiles Payment of Holmes ban gla Final distribution la la 1-Journal Entries to record the sale of inventory. leur inventory GENERAL JOURNAL PAGE DATE DEBIT DESCRIPTION CREDIT Nm n STES) 2 Journal Entries to record the sale of plants assets. GENERAL JOURNAL PAGE DATE DEBIT DESCRIPTION 3-Journal Entries to record the collections of receivable. GENERAL JOURNAL PAGE DATE DEBIT DESCRIPTION Styles 4-Journal Entries to record the payment of liabilities. GENERAL JOURNAL PAGE DATE PR DEBIT DESCRIPTION 5-Journal Entries to record the payments of Holms. Joan GENERAL JOURNAL T DATE PR. DESCRIPTION DEBIT CREDIT - |- |- |- 6-Journal Entries to record the final distributions to partners. GENERAL JOURNAL PAGE DATE PR. DEBIT DESCRIPTION CREDIT