Jan 2, Year 1 Jordan, Dave, Sam formed a partnership by signing an agreement that stated that all profits would be shared 2:3:5 ratio and by making the following investments:

	Jordan	Dave	Sam
Cash	12000	8000	14000
Accounts Receivable (net)	20000	14500	60000
Office Furniture (net)	0	0	15000
Vehicles (net)	21000	38500	0

Dec 31, Year 1 The partnership reported net income of $53,500 for the year.

June 7, Year 2 Jordan and Sam agreed that Dave could sell his share of the partnership to Tim for $75,000. The new partners agreed to keep the same profit-sharing arrangement (2:3:5 for Jordan , Tim, Sam)

Dec 31, Year 2 The partnership reported a loss of $67,000 for the year.

Jan 3, Year 3 The partnership agreed to liquidate the partnership. On this date the balance sheet showed the following items with all accounts having their normal balances:

Cash	17,500
Accounts Receivable	316,000
Allowance for uncollectible accounts	22,500
Office Furniture	74,500
Vehicles	240,000
Accumulated amortization (total)	49,500
Accounts Payable	386,500
The Assets were sold for the following amounts	200,000
Office Furniture	75,000
Vehicles	100,000

Jordan and Tim both have personal assets, but Sam does not.

Journalize all the transactions for the partnership