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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 0 Quinn, Capital Mellissa, Capital Harper, Capital Cash 20,000 20,000 20,000 60,000 0 Quinn, Capital Mellissa, Capital Cash 30,000 30,000 60,000 0 60.000 Cash Quinn, Capital 60,000 0 12,000 46,000 Cash Harper, Capital Quinn, Capital Mellissa, Capital 2,000 60,000 0 60,000 Quinn, Capital Cash Harper, Capital 30,000 30,000
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