2017 January 1 – The partners decide to liquidate the partnership. They have the following balances: Cash $90,000 Accounts Receivable $6500 Equipment $ 120000 Accumulated Depreciation $ 35000 Accounts Payable $ 6500 The partners were able to collect $9500 of the accounts receivable and sell the equipment for $79000. a) Record all journal entries to dissolve the partnership.
2017 January 1 – The partners decide to liquidate the partnership. They have the following balances: Cash $90,000 Accounts Receivable $6500 Equipment $ 120000 Accumulated Depreciation $ 35000 Accounts Payable $ 6500 The partners were able to collect $9500 of the accounts receivable and sell the equipment for $79000. a) Record all journal entries to dissolve the partnership.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2017
January 1 – The partners decide to liquidate the
Cash $90,000
Equipment $ 120000
Accumulated
Accounts Payable $ 6500
The partners were able to collect $9500 of the accounts receivable and sell the equipment for $79000.
a) Record all
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