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Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current period's

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Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current period's ending capital account balances are Peters, $150,000; Chong, $138,000; and Aaron, $(54,000). After all assets are sold and liabilities are paid, there is $234,000 in cash to be distributed. Aaron is unable to pay the deficiency. The journal entry to record the distribution should be: Multiple Choice Debit Cash $234,000, debit Aaron, Capital $54,000, credit Peters, Capital $150,000, credit Chong. Capital $138,000. Debit Cash $234,000; credit Peters, Capital $78,000: credit Chong. Capital $78,000. W etv Debit Cash $234,000, debit Aaron, Capital $54,000, credit Peters, Capital $150,000, credit Chong, Capital $138,000. Debit Cash $234,000; credit Peters, Capital $78,000; credit Chong, Capital $78,000. Debit Peters, Capital $123,000; debit Chong, Capital $111.000; credit Cash $234,000. Debit Peters, Capital $150,000; debit Chong, Capital $84,000; credit Cash $234,000. Debit Peters, Capital $150,000; debit Chong. Capital $138,000: credit Cash $288.000. POF W estv

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