The partnership of Driscoll, Charles, and Gavin is liquidating. Business assets, liabilities, and partners€™ capital balances prior to liquidation follow. The partners share profits and losses as follows: Driscoll, 20%; Charles, 30%; and Gavin, 50%.

Requirement
1. Journalize the sale of the assets for $165,000, the payment of the liabilities, and the payment of the partners€™ final capitalbalances.

Transcribed Image Text:

DRISCOLL, CHARLES, & GAVIN Noncash Driscoll capital Charles capital Gavin capital Cash assets Liabilities 13,000 $130,000 $80,000 $18,000 $33,000 $12,000