Cheese Partners has decided to close the store. At the date of dosing, Cheese Partners had the following account balances: Capital $9,000 Cash 8,000 Inventory 18,000 Store fixtures 10,000 Accounts payable 20,000 A competitor agrees to buy the inventory and store fixtures for $24,000. Prepare the journal entries detailing the liquidation, assuming that partners Colette and Swarma are sharing profits on a 50:50 basis. If an amount box does not require an entry, leave it blank. Cash

Cheese Partners has decided to close the store. At the date of dosing, Cheese Partners had the following account balances: Capital $9,000 Cash 8,000 Inventory 18,000 Store fixtures 10,000 Accounts payable 20,000 A competitor agrees to buy the inventory and store fixtures for $24,000. Prepare the journal entries detailing the liquidation, assuming that partners Colette and Swarma are sharing profits on a 50:50 basis. If an amount box does not require an entry, leave it blank. Cash

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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