Journal Entries Only

Problem 15-31 (LO 15-1,15-2,15-5) The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash Noncash assets 69,000 Liabilities 285,000 Frick, capital Wilson, Clarke, $40,000 171,000 46,000 97,000 $354,000 (60%) capital capital (20%) (20%) Total assets $354,000 Total liabilities and capital