Partners in Sandhill Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnerships accounts were as follows: Cash Item Balances before liquidation Accounts Receivable $25,800 Equipment $44,700 Accumulated Depreciation $15,500 Accounts Payable $27,800 A. Hunt, Capital $38,700 K. Lally Capital $17,300 $30,000 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Partners in Sandhill Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnerships accounts were as follows: n Cash Accounts Receivable $25,800 Accumulated Depreciation $15,500 Equipment $44,700 Accounts Payable $27,800 D. Portman, Capital $1,200 A. Hunt, Capital $38,700 K. Lally, Capital $17,300 e liquidation $30,000 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Complete the schedule assuming the assets were sold for $27,600, 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 0 decimal places, e.g. 5,275.) Item Cash Accounts Receivable Balances before liquidation $ $ Sales of noncash assets and loss on sale of assets Payment of liabilities Transfer of deficiency Allocation of cash e Textbook and Media Complete the schedule assuming the assets were sold for $27,600, 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 0 decimal places, e.g. 5,275.) Equipment Accumulated Depreciation Accounts Payable A. Hunt, Capital $ $ - I eTextbook and Media Complete the schedule assuming the assets were sold for $27,600, 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 0 decimal places, e.g. 5,275.) Accounts Payable A. Hunt, Capital K. Lally, Capital D. Portman, Capital $ $ $ $ e Textbook and Media Current Attempt in Progress Partners in Sandhill Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Item Balances before liquidation Cash $30,000 Accounts Receivable $25,800 Equipment $44,700 Accumulated Depreciation $15,500 Accounts Payable $27,800 A. Hunt, Capital $38,700 K. Lally Capital $17,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Complete the schedule assuming the assets were sold for $27,600, 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 0 decimal places, e.g. 5,275.) Item Cash Accounts Receivable Balances before liquidation $ $ Sales of noncash assets and loss on sale of assets Prepare the journal entries assuming the assets were sold for $27,600, 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, e.g. 5,275.) Date Account Titles and Explanation Debit Credit June 30 + + (To record realization of assets.) 30 . (To allocate loss on realization.) (To allocate loss on realization.) 30 + (Payment on account.) 30 + (To reallocate capital balances.) 30 (To record final distribution to partners.) e Textbook and Media
