Question: please help me with creating a statement of partnership liquidation and a journal Instructions After the accounts are closed on February 3, prior to liquidating

please help me with creating a statement of partnership liquidation and a journal








Instructions After the accounts are closed on February 3, prior to liquidating the partnership, the capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,460, $4,520, and $22,780, respectively. Cash and noncash assets total $4,740 and $57,380, respectively. Amounts owed to creditors total $15,360. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $35,700, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid. Required: 1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate partner), and (d) the distribution of cash. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for items (a) - (d), the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering "0" 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Feb 28 to (@) Instructions partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $35,700, the partner with the capital deficiency, pays the deficiency to the partnership, and the liabilities are paid. Required: 1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate partner), and (d) the distribution of cash. Refer to the lists of Labels and Amount Descriptions the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for items (a)-(d), the cell can be left blank. However, in the balance rows a balance of zero MUST be indicated by entering "0" 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Feb. 28 to (a) allocate the partner's deficiency and (b) distribute the remaining cash. Refer to the Chart of Accounts for exact wording of account titles. ions art of Accounts CHART OF ACCOUNTS Gerloff, Chu, and Jewett General Ledger ASSETS REVENUE 110 Cash 410 Revenues 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 113 Allowance for Doubtful Accounts EXPENSES 114 Interest Receivable 510 Cost of Merchandise Sold astructions Chart of Accounts 520 Salary Expense 115 Notes Receivable 521 Advertising Expense 116 Inventory 117 Supplies 522 Depreciation Expense-Building 118 Office Supplies 523 Depreciation Expense-Equipment 119 Prepaid Insurance 526 Repairs Expense 120 Land 529 Selling Expenses 123 Building 531 Rent Expense 124 Accumulated Depreciation-Building 533 Insurance Expense 125 Equipment 534 Supplies Expense 126 Accumulated Depreciation Equipment 535 Office Supplies Expense 129 Reset Revaluations 536 Credit Card Expense . structions Chart of Accounts 133 Patent 537 Cash Short and Over 538 Property Tax Expense LIABILITIES 539 Miscellaneous Expense 210 Accounts Payable 710 Interest Expense 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 William Gerloff, Capital Labels and Amount Descriptions Instructions pal Chart of Accounts 214 merest Payable 215 Notes Payable EQUITY 310 William Gerloff, Capital 311 William Gerloft, Drawing 312 Courtney Jewett, Capital 313 Courtney Jewett, Drawing 314 Joshua Chu. Capital 315 Joshua Chu. Drawing Chart of Accounts Labels and Amount Descriptions Labels For Period February 3-28 For the Year Ended February 28 Amount Descriptions Balances after payment of liabilities Balances after realization Balances before realization Capital additions Cash distributed to partners Final balances Less partner withdrawals Chart of Accounts Labels and Amount Descriptions Dalalts Once paylaLVEIDUBLICS Balances after realization Balances before realization Capital additions Cash distributed to partners Final balances Less partner withdrawals Net income for the year
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