Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.

Problem 12-6A Liquidation of a partnership LO P5 Kendra. Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 66,080 Accounts payable $250,000 Inventory 555, 698 Kendra, Capital 74,209 Cogley, Capital 166,950 Mei, Capital 120,850 Total assets $621,690 Total liabilities and equity Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000 (2) Inventory is sold for $429,000 (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required Inventary Begredo inventory Required 2 Required 2G Ruired 3 Inventory Required 3 GI Required 4 Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $609,000. Stop 1) Determination of Galin (Loss) Proceeds from the sale of inventory $ 609,000 Inventory cost Step 2) Allocation of the Galin (Loss) to the Partners. KENDRA Initial capital balances S 74.2001 Allocation of gains fosses) Capital balances after gains dosses) $ 74.200 COGLEY $ 166,950 MEI Total $ 129,850 $ 371.000 0 S 166.950 S 129.850 S 371.000 Recto Required 1 > Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Liabilities and Equity Cash $ 66,000 Accounts payable 250, 688 Inventory 555,688 Kendra, Capital 74,200 Copley, capital 166,95 Mei, Capital 120, 850 Total assets 362,638 Total liabilities and equity Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) inventory is sold for $209,000. (2) Inventory is sold for $429,000. (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 33 Required 4 Inventory Required 4G Required 1 11 Required Required 2 Required Inventory Inventory Required 2G Inventory Prepare journal entries to record the inventory is sold for $209,000. View transaction li Journal entry worksheet 1 2 3 4 > Record the sale of Inventory Note: Enter debit before credits Transaction General Journal Debat Credit View general jouma Required 1 Inventory Required 2 Inventory > Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 66,000 Accounts payable 8250,000 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 129,850 Total assets $621,600 Total liabilities and equity 3621,888 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000 (2) Inventory is sold for $429,000 (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $248,400 and the partners have no assets ather than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventary Required Required 2 Inventory Required 2G Required 3 Inventory Required Required 4 Inventory Required 4 G Prepare journal entries to record the inventory is sold for $009,000. View transaction line Journal entry worksheet Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MET Balance Sheet May 31 Assets Liabilities and Equity Cash $ 66,099 Accounts payable 3250,000 Inventory 555,000 Kendra, capital 74,200 Cogley, capital 166,950 Mei, Capital 120,850 Total assets 3621,098 Total liabilities and equity Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000 (2) Inventory is sold for $429,000 (3) Inventory is sold for $313.800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets ather than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 13 Required 2 Inventory Required 2G Required Inventory Required 361 Required 4 Inventory Required 4 G Prepare journal entries to record the inventory is sold for $609,000. View transaction line Journal entry worksheet Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity $ 66,000 Accounts payable $250,000 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, capital 129,850 Total assets 3621,000 Total liabilities and equity 3621,600 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $209,000. (2) Inventory is sold for $429,000. (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required Inventory Required 1G Required 2 Inventory Required 2G Required Inventory Required 3 G Required 4 Inventory Required 4G Prepare journal entries to record the inventory is sold for 5009,000. View traction lit Journal entry worksheet Record the disbursement of the remaining cash to the partners. Note: Enter debit before credits Transaction General Journal Credit Pound by Gestory View gennal jouma Problem 12-6A Liquidation of a partnership LO P5 Kendra. Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MET Balance Sheet May 31 Assets Liabilities and Equity Cash $ 66,099 Accounts payable 3250,000 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 129,850 Total assets Total liabilities and equity Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000. (2) Inventory is sold for $429,000. (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G Required 2 Inventory Required 2 G Required Inventory Required Required Inventory Required 4 GJ Complete the schedule allocating the gain or loss on the sale of inventory is $429,000. Stop 1) Determination of Galin (Loss) Proceeds from the sale of inventory $ 429.000 Inventory cost COGLEY MEI Total Stop 2) Allocation of the gain (Loss) to the Partners KENDRA Initial capital balances $ 74.200 Allocation of gains dosses) Capital balances after gains S 74.2001 Losses) $ 166,950 $ 129,850 $ 371.000 ol $ 166,950 $ 129,850 S 371.000 Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity $ 66,000 Accounts payable 3250,000 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 120, 850 Total assets 3621,000 Total liabilities and equity 3621,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) inventory is sold for $609,000 (2) Inventory is sold for $429,000. (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 1 Inventary Required 1 GI Required 2 Inventory Required 2G Required Inventary Required Required 4 Inventory Required 4 GB Prepare journal entries to record the inventory is sold for $429,000. View transaction li Journal entry worksheet Allocate the gain loss) on the sale of Inventory to the partners. Note: Enter debit before credits Transaction General Journal Debat Credit (b) Rond by View and jouma Problem 12-6A Liquidation of a partnership LO P5 Kendra. Cogley. and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet Assets Liabilities and Equity Cash $ 66,000 Accounts payable $250,000 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 129,850 Total assets 8621,000 Total liabilities and equity 3621,680 May 21 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000 (2) Inventory is sold for $429,000 (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $248,400 and the partners have no assets ather than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required Required 4 Inventory Required 4 GJ Required 1 Required 2 Required Inventory Required 1 G Inventory Required 21 Inventory Prepare journal entries to record the inventory is sold for $429,000. View transaction line Journal entry worksheet 4 Record the payment of the abilities. Note: Enter debit before credits Transaction General Journal Debat Credit (c) Record by View guten jouma Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity $ 66,099 Accounts payable $250,000 Inventory 555,600 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 129,850 Total assets 3621,000 Total liabilities and equity 3521,698 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000. (2) Inventory is sold for $429,000 (3) Inventory is sold for $319,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets ather than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 Required 2 Inventory Required 2 Required Inventary Required 3 G Required 4 Inventory Required 4 Prepare journal entries to record the inventory is sold for $429,000. View transaction line Journal entry worksheet 4 Record the disbursement of the remaining cash to the partners. Note: Enter debit before credits General Journal Dobit Credit Transaction (0) Recordatory Glastry View General jouma Problem 12-6A Liquidation of a partnership LO P5 Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity $ 66,000 Accounts payable $250,000 Inventory 555,000 Kendra, Capital 74,209 Cogley, Capital 166,950 Mei, Capital 129,850 Total assets 3621,600 Total liabilities and equity 8621, 688 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000 (2) Inventory is sold for $429,000 (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required Inventary Required 1 Required 2 Inventory Required 2 Inwentary Required Required 3 G Required 4 Inventory Required 4 GB Complete the schedule allocating the gain or loss on the sale of inventory is $313,800 and any partners with capital deficits pay in the amount of their deficits. Stop 1) Determination of Galin (Loss) Proceeds from the sale of Inventory $313.800 Inventory cost Step 2) Allocation of the Galin (Loss) to the Partners KENDRA Initial capital balances S 74.200 Allocation of gains fosses) Capital balances after gains $ Llosses) 74.200 COGLEY $ 166.950 MEI Total $ 129,850 $ 371.000 0 S 166.9501 $ 129,850 S 371.000 Problem 12-6A Liquidation of a partnership LO PS Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 66,000 Accounts payable 3250, 690 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,95 Mei, Capital 129,850 Total assets 8621,00 Total liabilities and equity 3821,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $609,000 (2) Inventory is sold for $429,000. (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required Required 4 Required 3 G Inventary Required 2G Inventory Required 4 G3 Inventory Inventary Prepare fournal entries to record the inventory is sold for $313,800 and any partners with capital deficks pay in the amount of their deficits. View traction in Journal entry worksheet Record the sale of inventory Note: Enter debit before credits Transaction General Journal Debit Credit Problem 12-6A Liquidation of a partnership LO P5 Kendra. Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MET Balance Sheet May 31 Assets Liabilities and Equity $ 66,080 Accounts payable 8250,000 Inventory 555,000 Kendra, capital 74,200 Cogley, Capital 166,950 Nei, capital 129,850 Total assets Total liabilities and equity 3621,630 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $009,000 (2) Inventory is sold for $429,000. 13) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Inventory Required Required 2G Inventory Required 4 Required 3 G Inventory Inventory Required 4 GI Prepare journal entries to record the inventory is sold for $313,800 and any partners with capital deficis pay in the amount of their deficits. View traction lit Journal entry worksheet 3 Allocate the gainoss) on the sale of Inventory to the partners. Note: Enter debit before credits Transaction General Journal Debet Credit Problem 12-6A Liquidation of a partnership LO P5 Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MET Balance Sheet May 31 Assets Liabilities and Equity Cash $ 66,099 Accounts payable 3250,000 Inventory 555,600 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 120, 850 Total assets $621,630 Total liabilities and equity Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $609,000 (2) Inventory is sold for $429,000. (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 1 G Inventory Required Required 4 Required 21 Inventory Inventory Required Inventory Required 4 G3 Prepare journal entries to record the inventory is sold for $313,800 and any partners with capital deficts pay in the amount of their deficits. View traction lit Journal entry worksheet 2 3 4 5 > The partners) with defidt balances repay the amount of their defict(s). Note: Enter debit before credits Transaction General Journal Debat Credit Problem 12-6A Liquidation of a partnership LO PS Kendra. Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MET Balance Sheet May 31 Assets Liabilities and Equity $ 66,080 Accounts payable 3250, 688 Inventory 555,600 Kendra, Capital 74,200 Copley, Capital 166,950 Mei, Capital 129,850 Total assets 8621,00 Total liabilities and equity 3621, od Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) inventory is sold for $609,000 (2) Inventory is sold for $429,000 (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 4 Inventory Required G Required Inventary Required 2G Inventory Required 3 G Inventory Required 4 G Prepare journal entries to record the inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. View traction lit Journal entry worksheet 4 5 Record the payment of the abilities. Nate: Enter debit balore credits Transaction General Journal Debat Credit (c) Problem 12-6A Liquidation of a partnership LO PS Kendra, Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity Cash $ 66,000 Accounts payable $250, 680 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 120,850 Total assets 3621,600 Total liabilities and equity 3621,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar.) (1) Inventory is sold for $609,000 (2) Inventory is sold for $429,000. (3) Inventory is sold for $313,800 and any partners with capital deficits pay in the amount of their deficits. 14) Inventory is sold for $248,400 and the partners have no assets ather than those invested in the partnership Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 1 G Inventory Required 2G Required 4 Required 3 G Inventory Inventory Inventory Required 4 G Prepare journal entries to record the inventory is sold for $313,800 and any partners with capital deficts pay in the amount of their deficits. View traction li Journal entry worksheet 4 5 Record the disbursement of the remaining cash to the partners. Note: Enter debit before credits Transaction General Journal Debat Credit Problem 12-6A Liquidation of a partnership LO P5 Kendra Cogley, and Mel share Income and loss in a 3:21 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. KENDRA, COGLEY, AND MEI Balance Sheet May 31 Assets Liabilities and Equity $ 68,000 Accounts payable $250,000 Inventory 555,000 Kendra, Capital 74,200 Cogley, Capital 166,950 Mei, Capital 120,850 Total assets 3621,683 Total liabilities and equity 3521,698 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of Inventory. Prepare journal entries to record the below transactions. (Do not round Intermediate calculations. Amounts to be deducted or Losses should be entered with a minus sign. Round your final answers to the nearest whole dollar) (1) inventory is sold for $609,000 (2) Inventory is sold for $429,000 (3) Inventory is sold for $30,000 and any partners with capital deficits pay in the amount of their deficits. (4) Inventory is sold for $248,400 and the partners have no assets other than those invested in the partnership. Complete this question by entering your answers in the tabs below. Required 1 Inventory Required 1 G Required 2 Inventary Required 21 Required Inventary Required 3G Required 4 Inventory Requiresi 4G Complete the schedule allocating the gain or loss on the sale of inventory $248,400 and the partners have no assets other than those Invested in the partnership Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory Cost S 248.400 Step 2) Allocation of the galindoss) to the partners and distribution of deficits) KENDRA COGLEY Initial capital balances $ 74.2001 $ 166,950 Allocation of gains fosses) Capital balances after gains fosses) 74.2001 166.950 Allocation of deficit balance Capital balances after deficit S 74.200 S 166.950 allocation MEI Total $ 129,850 S 371.000 0 129,850 371.000 0 S 129,850 S 371.000