On November 15 of the current year, the account balances in Sandhill Partnership were Cash $8 600 Land $18,000 D Dupuis, Capital $12,500 V Dueck, Capital $10,500 and B Veitch, Capital $3,600 The three partners share profit and losses equally The land was sold for $21,900 cash Prepare the journal entry to record the sale of the land (Credit account titles are automatically indented when the amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit Nov 15 (To record realization of assets ) e Textbook and Media Prepare the journal entry to distribute any resulting gain or loss to the capital accounts (Credit account titles are automatically indented when the amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit Nov 15 (To allocate gain on realization ) e Textbook and Media Prepare the journal entry to record the final distribution of cash to the partners (Credit account titles are automatically indented when the amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit Nov 15 (To record final distribution to partners )

Question

On November 15 of the current year, the account balances in Sandhill Partnership were Cash $8 600  Land $18,000  D  Dupuis, Capital $12,500  V  Dueck, Capital $10,500  and B  Veitch, Capital $3,600  The three partners share profit and losses equally  The land was sold for $21,900 cash  Prepare the journal entry to record the sale of the land  (Credit account titles are automatically indented when the amount is entered  Do not indent manually ) Date Account Titles and Explanation Debit Credit Nov  15 (To record realization of assets ) e Textbook and Media Prepare the journal entry to distribute any resulting gain or loss to the capital accounts  (Credit account titles are automatically indented when the amount is entered  Do not indent manually ) Date Account Titles and Explanation Debit Credit Nov  15 (To allocate gain on realization ) e Textbook and Media Prepare the journal entry to record the final distribution of cash to the partners  (Credit account titles are automatically indented when the amount is entered  Do not indent manually ) Date Account Titles and Explanation Debit Credit Nov  15 (To record final distribution to partners )

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Question

On November 15 of the current year, the account balances in Sandhill Partnership were Cash $8.600; Land $18,000; D. Dupuis, Capital $12,500; V. Dueck, Capital

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