Liquidating Partnerships—Capital Deficiency Lewis, Zapata, and Fowler share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in the capital accounts are as follows: Lewis, $42,000 Cr.; Zapata, $92,400 Cr.; Fowler, $26,900 Dr. Question Content Area a. What term is applied to the debit balance in Fowler's capital account? b. What is the amount of cash on hand?$fill in the blank d6b98c033f9b06a_2 Question Content Area c. Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances. If an amount box does not require an entry, leave it blank. blank
Liquidating Partnerships—Capital Deficiency
Lewis, Zapata, and Fowler share equally in net income and net losses. After the
Question Content Area
a. What term is applied to the debit balance in Fowler's capital account?
b. What is the amount of cash on hand?
$fill in the blank d6b98c033f9b06a_2
Question Content Area
c. Journalize the transaction that must take place for Lewis and Zapata to receive cash in the liquidation process equal to their capital account balances. If an amount box does not require an entry, leave it blank.
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