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Dobbins, Vintu, and Wager are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are De Wager, respectively. The partnership
Dobbins, Vintu, and Wager are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are De Wager, respectively. The partnership has $83,000 cash, $46,000 non-cash assets, and $30,000 accounts payable. Read the requirements Requirement 1. Assuming the partnership sells the non-cash assets for $60,000, record the joumal entries for the sale of non-cash assets partners. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $60,000. Date Accounts and Explanation Debit Credit Dec. 31 bilities, the capital balances are Dobbins $45,000; Vintu, $31,000; and Wager $23,000. The profit-and-loss-sharing ratio has been 34:3 for Dobbins, Vintu, and nts payable tries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to Credit 1. Assuming the partnership sells the non-cash assets for $60,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. 2. Assuming the partnership sells the non-cash assets for $24,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. Print Done Dobbins, Vintu, and Wager are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are De Wager, respectively. The partnership has $83,000 cash, $46,000 non-cash assets, and $30,000 accounts payable. Read the requirements Requirement 1. Assuming the partnership sells the non-cash assets for $60,000, record the joumal entries for the sale of non-cash assets partners. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $60,000. Date Accounts and Explanation Debit Credit Dec. 31 bilities, the capital balances are Dobbins $45,000; Vintu, $31,000; and Wager $23,000. The profit-and-loss-sharing ratio has been 34:3 for Dobbins, Vintu, and nts payable tries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to Credit 1. Assuming the partnership sells the non-cash assets for $60,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. 2. Assuming the partnership sells the non-cash assets for $24,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. Print Done
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