Part 3, preparing the entries to liquidate the partnership assuming the non cash assets are sold for $116,000.

ers, accounting fot t transaetion JP liquidation of a partnership ABC is a partnership owned by Adams, Buxton, and Carlson, w losses in the ratio of 3:1:4, respectively: The account balances ofsha 6 P12-37B Allocating profits and losses to the partners, a of the June 30 follow: ABC Adjusted Trial Balance June 30, 2018 Balance Debit $ 25,000 114,000 Credit Account Title Non-cash Assets $ 30,000 25,000 45,000 55,000 Notes Payable Adams, Capital Buxton, Capital Carlson, Capital Adams, Withdrawals Buxton, Withdrawals Carlson, Withdrawals Service Revenue Salaries Expense Rent Expense 12,000 29,000 52,000 63,000 68,000 18,000 s 318,000318,000 Total Requirements 1. Prepare the June 30 entries to close the revenue, expense, income summi, and withdrawal accounts. 2. Open each partner's capital T account with the adjusted balance, post the entries to their accounts, and determine each partners ending capital balanic Prepare the june 30 entries to liquidate the partnership assuming the non assets are sold for $116,000. non-cash