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Instructions Entries for Dissolution of Partnership Required 1. Prepare the general Journal entry required to enter the check issued to Mrs. Dennis in payment of

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Instructions Entries for Dissolution of Partnership Required 1. Prepare the general Journal entry required to enter the check issued to Mrs. Dennis in payment of her deceased husband's interest in the partnership. According to the partnership agreement, the difference between the amount paid to Mrs. Dennis and the book value of Larry Dennis's capital account is allocated to the remaining partners based on their ending capital account balances. If an amount box does not require an entry, leave it blank. 2. Assume instead that Mrs. Dennis is paid $50,000 for the book value of Larry Dennis's capital account. Prepare the necessary journal entry. If an amount box does not require an entry, leave it blank. 3. Assume instead that Jim Wheeles (with the consent of the remaining partners) purchased Dennis's Interest for $40,000 and gave Mrs. Dennis a personal check for that amount. Prepare the general journal entry for the partnership only. If an amount box does not require an entry, leave it blank. The Kelly and Kelly Wrecking Company, a partnership, operates a general demolition business. Ownership of the company is divided among the partners, Mike Kelly, Kim Kelly, Larry Dennis, and Jim Wheeles. Profits and losses are shared equally. The books are kept on a calendar-year basis. On September 15, after the business had been in operation for several years, Dennis died. Mrs. Dennis wished to sell her husband's interest in the partnership for $25,000. After the books were closed, the partners' capital accounts had credit balances as follows: Mike Kelly $50,000 Kim Kelly 25,000 Larry Dennis 35,000 Jim Wheeles 25,000 General Journal 1. Prepare the general journal entry required to enter the check issued to Mrs. Dennis in payment of her n the partnership. According to the partnership agreement, the difference between the amount paid to Mrs. Dennis and the book value of Larry Dennis's capital account is allocated to the remaining partners based on their ending capital account balances. If an amount box does not require an entry, leave it blank. Page: DATE ACCOUNT TITLE NO REF DEBIT CREDIT 1 20- Sept. 15 Low Dens, Copilal B500 1 31333.33

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