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T/F a. During the liquidation process, payment of liabilities reduces partners' capital accounts. b. During liquidation, noncash partnership assets are sold for cash, and loss
T/F
a. During the liquidation process, payment of liabilities reduces partners' capital accounts.
b. During liquidation, noncash partnership assets are sold for cash, and loss on the sales are recorded as expenses.
c. Each partner in a partnership business has right to incur liabilities in the name of the partnership.
d. Withdrawals by partners increases their capital accounts.
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