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January 1 - The partners decide to liquidate the partnership. They have the following balances: Cash$29,917 Accounts Receivable $4 500 Equipment $ 110 000 Accumulated
January 1- The partners decide to liquidate the partnership. They have the following balances:
Cash$29,917
Accounts Receivable $4 500
Equipment $ 110 000
Accumulated Depreciation $ 25 000
Accounts Payable $ 4 417
The partners were able to collect $3 500 of the accounts receivable and sell the equipment for $72 000.
a) Record all journal entries to dissolve the partnership.
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