Partners Smith and Jones decide to close their business and share the profits equally. They sell the partnership's non-cash assets. The transactions for the sales are below: 1. The merchandise inventory, which cost $45,000, was sold for $38,000. 2. The office equipment, with a book value of $27,000 was sold for $29,000.

Instructions: Record the transactions in a General Journal form.

PLEASE FOLLOW THE INSTRUCTION