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David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 3 1
David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as
of December :
Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $ on
January The partners share any profit loss in the ratio of :: for Wallace, Dunn, and Lin, respectively.
Required:
Complete the schedule. Negative answers should be indicated by a minus sign. Prepare the liquidation entries sale of equipment, allocation of gainloss payment of creditors, final distribution of cash
Journal entry worksheet
Record the sale of equipment.
Note: Enter debits before credits.
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