PARNERSHIP PROBLEMS (CHAPTER 17 ADVANCE ACCOUNTING BOOK) PROBLEM II HOLMES AND KAISER PARTNERSHIP STATEMENT OF PARTNERSHIP LIQUIDATION FOR THE PERIOD JANUARY 1, 2009, TO JANUARY 31, 2009 (IN THOUSANDS) Noncash Priority Holmes Holmes Kaiser Assets Liabilities Capital (70%) Capital (30%) Balances January 1, 2009 Sale of inventory Loan Sale of plant assets Saigos Collection of receivables s sederalesa Teal al al al e o adza | Payment of liabilities Payment of Holmes loan | Final distribution to partners 1-Journal Entries to record the sale of inventory. 2-Journal Entries to record the sale of plants assets. GENERAL JOURNAL PAGE 1 DATE PR. DEBIT DESCRIPTION CREDIT 3-Journal Entries to record the collections of receivables. GENERAL JOURNAL PAGE 1 DATE PR. DEBIT DESCRIPTION CREDIT own - 4-Journal Entries to record the payment of liabilities. GENERAL JOURNAL PAGE 1 DATE PR. DEBIT DESCRIPTION CREDIT aw - 5-Journal Entries to record the payments of Holms loan. GENERAL JOURNAL PAGE 1 DATE PR. DEBIT DESCRIPTION CREDIT N w Ja 6-Journal Entries to record the final distributions to partners. GENERAL JOURNAL PAGE 1 DATE PR. DEBIT DESCRIPTION CREDIT