Question Completion Status: owned by the partner(s) who purchased the assets. co-owned by all partners. owned by the partners based on investment percentage. owned by the partnership QUESTION 47 The last step taken in liquidating a partnership is to: divide profits on assets with partners. sell the assets. distribute the remaining cash according to partners' capital balances. pay creditors. QUESTION 48 When a partnership is dissolved: it is implied that the business will halt operations. it is implied that the business cannot form a different ownership structure. it is implied that it must be dissolved with any change in partnership structure. it is implied that the business cannot continue with a new group of partners. QUESTION 49 The journal entry to close net income to the partners is to: debit Net Loss; credit the capital accounts. debit Income Summary, credit the capital accounts. debit the capital accounts tredit Net Loss debit the capital accounts; credit Income Summary QUESTION 50 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Ma QUESTION 2 A company uses the allowance method and has determined a customer's bill for $6,000 must be written off. The journal entry to record the wite offis: Accounts Receivable $6,000 Allowance for Doubtful Accounts $6,000 Allowance for Doubtful Accounts $6,000 Accounts Receivable $6,000 Bad Debts Expense $8.000 Alowance for Doubtful Accounts $6,000 Allowance for Doubtful Accounts 30.000 Bad Debts Expense $6,000