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avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as f December 31, 2023: Account balances December 31, 2023 Cash $38,200 Accum. David Olena Dunn, Danny Lin, Deprec. Accounts Notes Wallace, Equipment Equipment Payable Payable Capital Capital Capital $188,000 $101,000 $8,200 $24,000 $43,000 $26,000 $24,000 ue to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $68,000 on anuary 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance equired: Complete the schedule. (Negative answers should be indicated by a minus sign.) Accum. Deprec. Accounts Notes Payable Payable Equipment $ 38,200 $ 188,000 $ 101,000 $ 8,200 $ 24,000 $ Cash Equipment David Wallace, Capital 43,000 $ Olena Dunn, Capital 26,000 $ Danny Lin, Capital 24,000

avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as f December 31, 2023: Account balances December 31, 2023 Cash $38,200 Accum. David Olena Dunn, Danny Lin, Deprec. Accounts Notes Wallace, Equipment Equipment Payable Payable Capital Capital Capital $188,000 $101,000 $8,200 $24,000 $43,000 $26,000 $24,000 ue to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $68,000 on anuary 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance equired: Complete the schedule. (Negative answers should be indicated by a minus sign.) Accum. Deprec. Accounts Notes Payable Payable Equipment $ 38,200 $ 188,000 $ 101,000 $ 8,200 $ 24,000 $ Cash Equipment David Wallace, Capital 43,000 $ Olena Dunn, Capital 26,000 $ Danny Lin, Capital 24,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). View transaction list Journal entry worksheet 1 2 Record the sale of equipment. Date Jan 01, 2024 3 4 Note: Enter debits before credits. Denne General Journal Debit Credit
Transcribed Image Text:2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). View transaction list Journal entry worksheet 1 2 Record the sale of equipment. Date Jan 01, 2024 3 4 Note: Enter debits before credits. Denne General Journal Debit Credit
avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as f December 31, 2023: Account balances December 31, 2023 ue to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $68,000 on anuary 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Accum. Deprec. David Olena Dunn, Danny Lin, Accounts Notes Wallace, Cash Equipment Equipment Payable Payable Capital Capital Capital $38,200 $188,000 $101,000 $8,200 $24,000 $43,000 $26,000 $24,000 equired: Complete the schedule. (Negative answers should be indicated by a minus sign.) Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance Accum. Deprec. Equipment Accounts Notes Payable Payable $ 38,200 $ 188,000 $ 101,000 $ 8,200 $ 24,000 $ Cash Equipment. David Wallace, Capital Olena Dunn, Capital 43,000 $ 26,000 $ Danny Lin, Capital 24,000
Transcribed Image Text:avid Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as f December 31, 2023: Account balances December 31, 2023 ue to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $68,000 on anuary 1, 2024. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Accum. Deprec. David Olena Dunn, Danny Lin, Accounts Notes Wallace, Cash Equipment Equipment Payable Payable Capital Capital Capital $38,200 $188,000 $101,000 $8,200 $24,000 $43,000 $26,000 $24,000 equired: Complete the schedule. (Negative answers should be indicated by a minus sign.) Account balances December 31, 2023 Sale of equipment Balance Payment of liabilities Balance Accum. Deprec. Equipment Accounts Notes Payable Payable $ 38,200 $ 188,000 $ 101,000 $ 8,200 $ 24,000 $ Cash Equipment. David Wallace, Capital Olena Dunn, Capital 43,000 $ 26,000 $ Danny Lin, Capital 24,000
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