Data table LOT Adjusted Trial Balance November 30, 2024 Balance Account Title Debit Credit Cash $ 5,000 Merchandise Inventory 4,000 Building 205,000 Accumulated Depreciation-Building Accounts Payable $ 40,000 12,000 Mortgage Payable Lafleur, Capital 55,000 70,000 Oakley, Capital 50,000 Tassey Capital 20,000 Lafleur, Withdrawals 16,000 Oakley, Withdrawals 3,000 Tassey, Withdrawals 2,000 Sales Revenue 71,000 Print Done Data table LOT Adjusted Trial Balance November 30, 2024 Balance Account Title Debit Credit Cash $ 5,000 Merchandise Inventory 4,000 Building 205,000 Accumulated Depreciation-Building Accounts Payable $ 40,000 12,000 Mortgage Payable Lafleur, Capital 55,000 70,000 Oakley, Capital 50,000 Tassey Capital 20,000 Lafleur, Withdrawals 16,000 Oakley, Withdrawals 3,000 Tassey, Withdrawals 2,000 Sales Revenue 71,000 Print Done d Requirements 1. Prepare a statement of partners' equity for the month ended November 30, 2024. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November. 2. Prepare the four closing entries for the month ended November 30, 2024. 3. Tassey decides to withdraw from the partnership on December 1, 2024. Her settlement includes all the Merchandise Inventory and all of the Cash in exchange for her equity interest in the partnership. 4. Immediately after Tassey's withdrawal, Lafleur and Oakley decide to liquidate the partnership. They sell the building for $140,000. Then they pay the liabilities and distribute the cash to complete the liquidation. Journalize these liquidation entries. Assume the profit-and-loss-sharing ratios remain the same. Print Done LOT is a partnership owned by Lafleur, Oakley, and Tassey. The partners' prof-and-loss-sharing radio is 1:1.3, respectively. The adjusted billence of the p (Click the icon to view the trial balance) Read the requirements Requirement 1. Prepare a statement of partners equity for the month ended November 30, 2004. Use a seperate column for each p LOT Month Ended November 30, 2004 Lafleur Oakley Total Capital, November 1, 2024 70000 50000 20000 Net loss Partner withdrawal (18000 000 (2000) 21000 Capital, November 30, 2004 Requirement 2. Prepare the four closing entries for the month ended November 30, 2004. (Recond de first then credits Sect the e Start by dosing revenues Date Nov. 30 Accounts and Explanation Sales Revenue Income Summary Debit Crede Requirement 2. Prepare the four closing entries for the month ended November 30, 2004. (Record debits first, then credits. Select the explanation Start by dosing revenues Date Accounts and Explanation Income Summary Nov. 30 Sales Revenue Debit Credit Close expenses for the period. (Prepare a single compound journal entry) Date Nov. 30 Accounts and Explanation Debit Credit Close Income Summary. (Prepare a single compound journal entry.) Date Nov. 30 Accounts and Explanation Close withdrawals. (Prepare a single compound journal entry.) Date Nov. 30 Accounts and Explanation Debit Credit Debit Credit rement 3. Tassey decides to withdraw from the partnership on December 1, 2024. Her settlement includes all the Merchandise inventory and all of the Cash in change for her y a. Select the explanation on the last line of the joumal entry table) ate c. 1 Accounts and Explanation Debit Credit irement 4. Immediately after Tassey's withdrawal, Lafleur and Oakley decide to liquidate the partnership. They sell the building for $140.000 Then they pay the labies and due the sh ation entries. Assume the proft-and-loss-sharing ratios remain the same. (Recond debits first, then credits. Select the explanation a alize the sale of the non-cash assets for $140,000. Date Dec Accounts and Explanation Debit Credit Journalize the allocation of any gain or loss on the liquation of the non-cash assets (Prepare a single compound journal entry) Date Dec Accounts and Explanation Debit Cred Journalize the payoff of liabilities. Date Accounts and Explanation Debit Creat Dec Journalize the distribution of the remaining cash to the partners. Date Dec. Accounts and Explanation Debit Credit