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Problem #2 (14 points) Prior to the distribution of cash to the partners, the accounts of ABC Company are: Cash $35,000, Adcock, Capital (Dr.) $5,000,
Problem #2 (14 points) Prior to the distribution of cash to the partners, the accounts of ABC Company are: Cash $35,000, Adcock, Capital (Dr.) $5,000, Buster, Capital (Cr.) $25,000, and Cutter, Capital (Cr.) $15,000. They share income on a 5:3:2 basis. Set up T-accounts. Instructions Prepare entries to record (a) the absorption of Adcock's capital deficiency by the other partners and (b) the distribution of cash to the partners with credit balances
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