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General Journal Debit Credit

General Journal Debit Credit

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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Journal entry worksheet 1 Record the distribution of remaining cash to partners. Note: Enter debits before credits Date General Journal Jan 01, 2021 Cheat entry Record entry < Prev Debit Credit View general journal 7 or 10 Next >
Transcribed Image Text:Journal entry worksheet 1 Record the distribution of remaining cash to partners. Note: Enter debits before credits Date General Journal Jan 01, 2021 Cheat entry Record entry < Prev Debit Credit View general journal 7 or 10 Next >
Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2020. Martha San Accum. Deprec. Building Bess Chen, Smith, Cash Building Accounts Payable Wheaton, Capital Land Capital Capital Account balances December 31, 2020 $188,000 $832,000 $484,000 $212,000 $132,000 $324,000 $(56,000) $340,000 Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $691,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively Capital deficiencies of liquidation are absorbed by the remaining partners according to their income (loss) ratio. Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners. (Negative answers should be indicated by a minus sign.) Accum Cash Building Land Deprec.. Building Smith Accounts Payable 132,000 s Martha Wheaton, Capital 324 000 $ Bess Chen, Capital Account balances December 31 2020 S 188 000 S 832.000 $ 484.000 $ 212 000 $ 156.000 $ 348.000
Transcribed Image Text:Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2020. Martha San Accum. Deprec. Building Bess Chen, Smith, Cash Building Accounts Payable Wheaton, Capital Land Capital Capital Account balances December 31, 2020 $188,000 $832,000 $484,000 $212,000 $132,000 $324,000 $(56,000) $340,000 Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $691,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively Capital deficiencies of liquidation are absorbed by the remaining partners according to their income (loss) ratio. Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners. (Negative answers should be indicated by a minus sign.) Accum Cash Building Land Deprec.. Building Smith Accounts Payable 132,000 s Martha Wheaton, Capital 324 000 $ Bess Chen, Capital Account balances December 31 2020 S 188 000 S 832.000 $ 484.000 $ 212 000 $ 156.000 $ 348.000
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