Chapter 12 Quiz x CSecure https://newconnect.mheducation.com/flow/connect.html C

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Chapter 12 Quiz x CSecure https://newconnect.mheducation.com/flow/connect.html Chapter 12 Quiz Help Seve& Exit Subrmit Henry, Luther, and Gage are dissolving thelr partnershlp. Thelr partnership agreement allocates each partner 13 of all Income and losses. The current perlod's ending capital account balances are Henry, $45,ODu; Luther $3 /.our and Gage $(buuO) Atter all assets are sold and ilabilities are pald, there is//LX0 In cash to be distributed Gade s unable to pay the dcficicncy. The jounel entry to rccord thc distribution should be 2.b oins Multiple Cheice Deoit Henry. Capital $25,667, debit Luter, Capital 525,66debit Gage, Capital $25,666: Credit Cash 5//000. Deoit Henry. Capital $42,500; debit Luther, Capital S34,500; credit Cash S72000. Dezit I lery. Capilal 5,000, debil Lute, Capital 537000, crecit Gege, Capial 55,000, cet Cash 577000. Drait Cash $770,dehlt Cage, Capltal S5,000, creait Henry, Copital $45,000, credt Luther Copitml $37000 Dexit Cash $77000, credit Henry. Capital $25,567 crecit Luther, Capital 525,667, credit Gage, Captal $25,656 Type here to search 4:16 PM 9/4/2018

Explanation / Answer

B. Debit Henry, Capital $42,500; debit Luther, Capital $34,500; credit Cash $77,000

Capital Cash Henry Luther Gage $77,000 $45,000 $37,000 $(5,000) Allocate deficiency $(2,500) $(2,500) $5,000 Allocate cash $77,000 $42,500 $34,500 $0

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