Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Item Cash Receivable Equipment Depreciation Payable Capital Capital Capital Balances before liquidation $32,600 $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Your answer is correct. Complete the schedule assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Item Cash Accounts Receivable 28000 Equipment 48600 Accumulated Depreciation 16800 Balances before liquidation $ 32600 $ Sale of noncash assets 59800 -28000 -48600 -16800 92400 Payment of liabilities -30200 62200 Allocation of cash -62200 Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Item Cash Receivable Equipment Depreciation Payable Capital Capital Capital Balances before liquidation $32,600 $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Your answer is correct. Complete the schedule assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated Depreciation 16800 Accounts Payable A. Hunt, Capital 42100 K. Lally, Capital D. Portman, Capital 18600 $ 30200 $ 18800 1300 18600 -16800 30200 42100 18800 1300 -30200 42100 18800 1300 -42100 -18800 -1300 - Your answer is partially correct. Prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 30 Cash 59800 Accumulated Depreciation-Equipment 16800 Equipment 48600 Accounts Receivable 28000 (To record realization of assets.) June 30 Accounts Payable 30200 Cash 30200 (Payment on account.) June 30 A. Hunt Capital 42100 K. Lally, Capital 18800 D. Portman, Capital 1300 Cash 62200 (To record final distribution to partners.) eTextbook and Media Your answer is partially correct. Complete the schedule assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 0 decimal places, e.g. 5,275.) Item Cash Equipment Accumulat Balances before liquidation 32600 Accounts Receivable 28000 $ 48600 Sales of noncash assets and loss on sale of assets 45000 -28000 -48600 77600 Payment of liabilities -30200 47400 Payment of deficiency -47400 47400 Allocation of cash -47400 e Textbook and Media Your answer is partially correct. Complete the schedule assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) K. Lally, Capital D. Portman, Capital Accumulated Depreciation 16800 Accounts Payable 30200 A. Hunt, Capital 42100 18800 1300 -16800 0 -7400 -4440 -2960 30200 34700 14360 -1660 -30200 0 34700 14360 -1660 1660 34700 14360 -34700 -14360 e Textbook and Media Your answer is partially correct. Prepare the journal entries assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation June 30 Loss on Realization 76600 Accounts Receivable 28000 Cash 45000 Equipment 48600 Loss on Realization 16800 (To record realization of assets.) 30 D. Portman, Capital 2960 A. Hunt Capital 7400 K. Lally, Capital 4440 Loss on Realization 14800 (To allocate loss on realization.) 30 Accounts Payable 30200 30200 Cash (Payment on account.) 30 Cash 1660 D. Portman, Capital 1660 Equipment 48600 Loss on Realization 16800 (To record realization of assets.) 30 D. Portman, Capital 2960 A. Hunt Capital 7400 K. Lally, Capital 4440 14800 Loss on Realization (To allocate loss on realization.) 30 Accounts Payable 30200 Cash 30200 (Payment on account.) 30 Cash 1660 D. Portman, Capital 1660 (Invest cash in business.) 30 A. Hunt Capital 34700 K.Lally, Capital 14360 Cash 49060 (To record final distribution to partners.) eTextbook and Media - Your answer is partially correct. Complete the schedule assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45). Round answers to 0 decimal places, eg. 5,275.) Item Cash Equipment Accumul Balances before liquidation $ Accounts Receivable $ 32600 28000 $ 48600 $ Sales of noncash assets and loss on sale of assets 59800 -28000 -48600 92400 Payment of liabilities -30200 olo o 62200 Transfer of deficiency -62200 Allocation of cash -62200 e Textbook and Media Your answer is partially correct. Complete the schedule assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to decimal places, e.g. 5,275.) Accumulated Depreciation 16800 Accounts Payable 30200 A.Hunt, Capital 42100 K. Lally, Capital 18800 D. Portman, Capital 1300 -16800 30200 -30200 42100 18800 - 1300 -42100 18800 -42100 -18800 e Textbook and Media . Your answer is partially correct. Prepare the journal entries assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation June 30 Loss on Realization 30200 Cash 30200 Cash 30000 Loss on Realization 30000 Accounts Payable 30000 (To record realization of assets.) 30 K.Lally, Capital 8940 A. Hunt Capital 14900 D. Portman, Capital 5960 29800 Loss on Realization (To allocate loss on realization.) Accounts Payable 30 30200 Cash 30200 (Payment on account.) 30 A. Hunt Capital 2913 K. Lally, Capital 1747 Loss on Realization 30000 Accounts Payable 30000 (To record realization of assets.) K. Lally, Capital 8940 A. Hunt Capital 14900 D. Portman, Capital 5960 Loss on Realization 29800 (To allocate loss on realization.) 30 Accounts Payable 30200 Cash 30200 (Payment on account.) 30 A. Hunt Capital 2913 K. Lally, Capital 1747 4660 D. Portman, Capital (To reallocate capital balances.) 30 K. Lally, Capital 8113 A. Hunt Capital 24287 Cash 32400 (To record final distribution to partners.) e Textbook and Media Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Item Cash Receivable Equipment Depreciation Payable Capital Capital Capital Balances before liquidation $32,600 $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Your answer is correct. Complete the schedule assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Item Cash Accounts Receivable 28000 Equipment 48600 Accumulated Depreciation 16800 Balances before liquidation $ 32600 $ Sale of noncash assets 59800 -28000 -48600 -16800 92400 Payment of liabilities -30200 62200 Allocation of cash -62200 Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Item Cash Receivable Equipment Depreciation Payable Capital Capital Capital Balances before liquidation $32,600 $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Your answer is correct. Complete the schedule assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Accumulated Depreciation 16800 Accounts Payable A. Hunt, Capital 42100 K. Lally, Capital D. Portman, Capital 18600 $ 30200 $ 18800 1300 18600 -16800 30200 42100 18800 1300 -30200 42100 18800 1300 -42100 -18800 -1300 - Your answer is partially correct. Prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation June 30 Cash 59800 Accumulated Depreciation-Equipment 16800 Equipment 48600 Accounts Receivable 28000 (To record realization of assets.) June 30 Accounts Payable 30200 Cash 30200 (Payment on account.) June 30 A. Hunt Capital 42100 K. Lally, Capital 18800 D. Portman, Capital 1300 Cash 62200 (To record final distribution to partners.) eTextbook and Media Your answer is partially correct. Complete the schedule assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 0 decimal places, e.g. 5,275.) Item Cash Equipment Accumulat Balances before liquidation 32600 Accounts Receivable 28000 $ 48600 Sales of noncash assets and loss on sale of assets 45000 -28000 -48600 77600 Payment of liabilities -30200 47400 Payment of deficiency -47400 47400 Allocation of cash -47400 e Textbook and Media Your answer is partially correct. Complete the schedule assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to O decimal places, e.g. 5,275.) K. Lally, Capital D. Portman, Capital Accumulated Depreciation 16800 Accounts Payable 30200 A. Hunt, Capital 42100 18800 1300 -16800 0 -7400 -4440 -2960 30200 34700 14360 -1660 -30200 0 34700 14360 -1660 1660 34700 14360 -34700 -14360 e Textbook and Media Your answer is partially correct. Prepare the journal entries assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation June 30 Loss on Realization 76600 Accounts Receivable 28000 Cash 45000 Equipment 48600 Loss on Realization 16800 (To record realization of assets.) 30 D. Portman, Capital 2960 A. Hunt Capital 7400 K. Lally, Capital 4440 Loss on Realization 14800 (To allocate loss on realization.) 30 Accounts Payable 30200 30200 Cash (Payment on account.) 30 Cash 1660 D. Portman, Capital 1660 Equipment 48600 Loss on Realization 16800 (To record realization of assets.) 30 D. Portman, Capital 2960 A. Hunt Capital 7400 K. Lally, Capital 4440 14800 Loss on Realization (To allocate loss on realization.) 30 Accounts Payable 30200 Cash 30200 (Payment on account.) 30 Cash 1660 D. Portman, Capital 1660 (Invest cash in business.) 30 A. Hunt Capital 34700 K.Lally, Capital 14360 Cash 49060 (To record final distribution to partners.) eTextbook and Media - Your answer is partially correct. Complete the schedule assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45). Round answers to 0 decimal places, eg. 5,275.) Item Cash Equipment Accumul Balances before liquidation $ Accounts Receivable $ 32600 28000 $ 48600 $ Sales of noncash assets and loss on sale of assets 59800 -28000 -48600 92400 Payment of liabilities -30200 olo o 62200 Transfer of deficiency -62200 Allocation of cash -62200 e Textbook and Media Your answer is partially correct. Complete the schedule assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to decimal places, e.g. 5,275.) Accumulated Depreciation 16800 Accounts Payable 30200 A.Hunt, Capital 42100 K. Lally, Capital 18800 D. Portman, Capital 1300 -16800 30200 -30200 42100 18800 - 1300 -42100 18800 -42100 -18800 e Textbook and Media . Your answer is partially correct. Prepare the journal entries assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation June 30 Loss on Realization 30200 Cash 30200 Cash 30000 Loss on Realization 30000 Accounts Payable 30000 (To record realization of assets.) 30 K.Lally, Capital 8940 A. Hunt Capital 14900 D. Portman, Capital 5960 29800 Loss on Realization (To allocate loss on realization.) Accounts Payable 30 30200 Cash 30200 (Payment on account.) 30 A. Hunt Capital 2913 K. Lally, Capital 1747 Loss on Realization 30000 Accounts Payable 30000 (To record realization of assets.) K. Lally, Capital 8940 A. Hunt Capital 14900 D. Portman, Capital 5960 Loss on Realization 29800 (To allocate loss on realization.) 30 Accounts Payable 30200 Cash 30200 (Payment on account.) 30 A. Hunt Capital 2913 K. Lally, Capital 1747 4660 D. Portman, Capital (To reallocate capital balances.) 30 K. Lally, Capital 8113 A. Hunt Capital 24287 Cash 32400 (To record final distribution to partners.) e Textbook and Media