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9 Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current

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9 Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current period's ending capital account balances are Peters, $102,000; Chong $90,000; and Aaron, $(30,000) After all assets are sold and liabilities are paid, there is $162,000 in cash to be distributed. Aaron is unable to pay the deficiency. The journal entry to record the distribution should be: 1.50 Multiple Choice Debit Peters, Capital $102,000, debit Chong. Capital 590.000 Credit Cash $192,000 Debit per Cap 17000, debt Chong. Crow $75.000, crede 149,000 Debit Con $162,000, dobit Anion, Coptal $20.000, ende pours. Cho 102.000 credit chong. Capital $90.000, Debit Peters, C 5102000del Chong Capital $60,000 credit Casa $152.000

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