Question: mith, Brown and Easton (S, B & E) are partners with capital balances of $5 000, $4 000 and $2 000 respectively and S, B

mith, Brown and Easton (S, B & E) are partners with capital balances of $5 000, $4 000 and $2 000 respectively and S, B &E share profits and losses 50 per cent, 25 per cent and 25 per cent respectively. The partners have decided to liquidate the partnership and manage to sell the non-cash assets for the carrying amount. The journal entry to finally liquidate the partnership would include the following except:

Credit Cash $11 000

Debit Smith, capital $5 000

Credit Easton, capital $2 000

Debit Brown, capital $4 000

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