D. carl and W. Joy decide to liquidate thier partnership. Their balance sheet to

Question

D. carl and W. Joy decide to liquidate thier partnership. Their balance sheet totals shown below.

Write the entries in general journal form to record the liquidation.

Cash $30,000 D. Carl, Capital $150,000

Other Assets $170,000 W. Joy, Captial $85,000

part a. Carl and Joy sell other assets for $160,000. (note: this answer has 3 line entries)

part b. Allocate the loss or gain (shared equally) (note: this answer has 3 line entries)

part c. Distribute the remaining cash to the partners. (note: this answer has 3 line entries)

Explanation / Answer

D. carl and W. Joy decide to liquidate thier partnership. Their balance sheet totals shown below.

Write the entries in general journal form to record the liquidation.

Cash $30,000 D. Carl, Capital $150,000

Other Assets $170,000 W. Joy, Captial $85,000

part a. Carl and Joy sell other assets for $160,000. (note: this answer has 3 line entries)

part b. Allocate the loss or gain (shared equally) (note: this answer has 3 line entries)

part c. Distribute the remaining cash to the partners. (note: this answer has 3 line entries)

Related Questions

Navigate

• Browse (All)
• Browse D
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.