The partnership of Hall, Lewis, and Madison is to be liquidated as of June 30 of this

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The partnership of Hall, Lewis, and Madison is to be liquidated as of June 30 of this year. The partners share profits and losses in the ratio of 2:2:1, respectively. The firm’s post-closing trial balance looks like this:

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The firm’s realization and liquidation transactions are as follows:

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Instructions 1. Record the balances in the selected ledger accounts.
2. Record the liquidating transactions in general journal form and post to the affected ledger accounts after each transaction.

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College Accounting Chapters 1-26

ISBN: 9780395796993

6th Edition

Authors: Douglas J. McQuaig, Patricia A. Bille

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