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Quinn, Mellissa, and Harper are liquidating their partnership. They have no agreement for sharing profits and losses. The ending capital account balances are Quin. $13,000,
Quinn, Mellissa, and Harper are liquidating their partnership. They have no agreement for sharing profits and losses. The ending capital account balances are Quin. $13,000, Mellissa, $13,000 Harper, ($2,000). There is $60.000 in cash to be distributed to the partners. The journal entry to record the distribution should be Multiple Choice Quinn, Capital Melissa Capital Harper, Capital Cash 20,000 20,000 20.000 60,000 Quinn, Capital Mellissa, Capital 30000 30.000 60,000 Mesa, Capital Cash Help 30,000 Save & 60,000 Cash Quinn, Capital 60,000 60,000 Cash Harper, Capital Quinn, Capital Mellissa, Capital 12,000 46,000 2000 60,000 60.000 Quinn, Capital Cash Harper, Capital 30.000 30,000 Mesa, Capital Cash Help 30,000 Save & 60,000 Cash Quinn, Capital 60,000 60,000 Cash Harper, Capital Quinn, Capital Mellissa, Capital 12,000 46,000 2000 60,000 60.000 Quinn, Capital Cash Harper, Capital 30.000 30,000
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