S12-11 (similar to) Question He The Maxwell & Keoker partnership has the following balances on June 30, 2018 Click the icon to view the balances.) Maxwoll and Keeler share profits 3 1, respectively Maxwell and Keeler deckle to liquidate the partnership. Journalize the sale of the non cash assets for $17,500, the payment of the liabilities, and the payment to the partners (Record debits first, then ct the explanation on the last ine of the journal entry table ) Data Table 2018 Jun 30 Accounts Payable 25,000 Cash 25,000 Maxwell and Keeler Balance Sheet June 30, 2018 To record Ihe payment of the outstanding wabilties Assets Journalize the payment to the partners Cash Non cash Assets 20,00 Accounits Payabale 25,000 5 Date Accounts and Explanation Debit Credit 22,500 Partners' Equity Jun 30 Maxwelil, Capital Maxwell Capital Keeler, Capital Total Partners' Equity 8,500 Keeler, Capdal Cash 17,500 S 42,500 $ 42,500 Total Assets 2.0Total Liabilties and Partners' Equity io distnbute remaining cash based on partners' capital balances Choose from any list or enter any number in the input fields and then dlick Check Answer All parts showing Print Done The Maxwell & Keeler partnership has the following balances on June 30, 2018 BEB (Click the icon to view the balances ) Maxwell and Keeler share profits 3:1, respectively Maxwell and Keeler decide to liquidate the partnership. Journalize the sale of the non-cas Select the explanation on the last line of the journal entry table) 1 Dat 2018 17,500 5,000 Jun. 30 Cash Loss on Disposal Non-cash Assets 22,500 To record the sale of Non-cash Assets at liquidation Journalize the allocation of any gain or loss on the sale of the non-cash assets Cash Date 2018 Jun. 30 Maxwell, Capital Accounts and Explanation Debit Credit Non- 3,750 Keeler, Capital 1,250 Loss on Disposal 5,000 Total A To allocate loss on liquidation of Non-cash Ass elts Choose from any list or enter any number in the input fields and then click Check Answer. EEE (Click the icon to view the balances.) Maxwell and Keeler share profits 3:1, respectively. Maxwell and Keeler decide to liquidate the partnership Journalize the sale of th Select the explanation on the last line of the journal entry table.) 2018 Jun. 30 Accounts Payable 25,000 Cash 25,000 To record the payment of the outstanding liabilitie Journalize the payment to the partners. Date Accounts and Explanation Debit Credit 2018 Jun. 30Maxwell, Capital Keeler, Capital Cash To distribute remaining cash based on partners' capital balances Choose from any list or enter any number in the input fields and then click Check