On November 15 of the current year, the account balances in Bluesky Partnership were Cash $11,000; Land
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On November 15 of the current year, the account balances in Bluesky Partnership were Cash $11,000; Land $20,000; D. Black, Capital $15,000; V. Green, Capital $12,000; and B. Brown, Capital $4,000. The three partners share profit and losses equally. The land is sold for $14,000 cash. Prepare journal entries to
(a) Record the sale of the land,
(b) Distribute any resulting gain or loss to the capital accounts,
(c) Record the final distribution of cash to the partners.
DistributionThe word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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a Nov 15 Cash 14000 Loss on Realization 6000 Land 20000 T...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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