Partners in Wildhorse Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Accounts Receivable Accumulated Depreciation Accounts Payable A. Hunt, Capital K. Lally, Capital Item Cash Equipment Balances before liquidation $30,600 $26,300 $45,700 $15,800 $28,400 $39,600 $17,600 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Complete the schedule assuming the noncash assets were sold for $56,200, 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).) Accounts Receivable Item Cash Equipment Balances before liquidation $ $ $ Sale of noncash assets Payment of liabilities Allocation of cash Prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $56,200, liabilities are paid, and the cash is distributed appropriately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 (Payment on account.) June 30 (To record final distribution to partners.) Complete the schedule assuming the assets were sold for $42,300, 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 decimal places, e.g. 5,275.) Item Cash Accounts Receivable E Balances before liquidation $ $ $ Sales of noncash assets and loss on sale of assets Payment of liabilities Payment of deficiency Allocation of cash Equipment Accumulated Depreciation Accounts Payable A. Hunt, Capital $ tA $ $ $ $ K. Lally, Capital D. Portman, Capital $ $ Prepare the journal entries assuming the assets were sold for $42,300, 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 whe the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit June 30 > (To record realization of assets.) 30 ( (Payment on account.) 30 (Invest cash in business.) 30 > (To record final distribution to partners.) Complete the schedule assuming the assets were sold for $28,200, 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 O decimal places, e.g. 5,275.) Item Cash Accounts Receivable E Balances before liquidation $ $ $ Sales of noncash assets and loss on sale of assets Payment of liabilities Transfer of deficiency Allocation of cash Complete the schedule assuming the assets were sold for $28,200, 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 $ $ $ K. Lally, Capital D. Portman, Capital $ $ Prepare the journal entries assuming the assets were sold for $28,200, 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 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit June 30 > > | (To reallocate capital balances.)
