Question
Just prepare the final distribution of cash entry. Not all 2021 Jan. 1 David Wallace, Capital................................................... 29,500 Olena Dunn, Capital........................................................ 15,250 Danny Lin, Capital........................................................... 13,250
Just prepare the final distribution of cash entry. Not all
2021 |
|
|
|
Jan. 1 | David Wallace, Capital................................................... | 29,500 |
|
| Olena Dunn, Capital........................................................ | 15,250 |
|
| Danny Lin, Capital........................................................... | 13,250 |
|
| Cash............................................................................. |
| 58,000 |
| To distribute remaining cash to partners. |
|
|
Completed Table:
|
Cash |
Equipment | Accum. Deprec., Equipment |
Accounts Payable |
Notes Payable | David Wallace, Capital | Olena Dunn, Capital | Danny Lin, Capital |
Account balances December 31, 2020.................. |
$ 21,400 |
$ 164,000 |
$ 93,000 |
$ 7,400 |
$ 16,000 |
$35,000 |
$18,000 |
$16,000 |
Sale of equipment for a loss of $11,000................................. |
+60,000 |
164,000 |
93,000 |
|
|
5,500 |
2,750 |
2,750 |
Balance..................................... | $ 81,400 | $ 0 | $ 0 | $ 7,400 | $ 16,000 | $29,500 | $15,250 | $13,250 |
Payment of liabilities............... | 23,400 |
|
| 7,400 | 16,000 |
|
|
|
Balance..................................... | $58,000 | $ 0 | $ 0 | $ 0 | $ 0 | $29,500 | $15,250 | $13,250 |
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