Peters, Chong, and Aaron are dissolving their partnership. Therr partnership agreement allocates each partner an equal share of all Income and losses. The current period'sending capral account balances are Peters, $174,000, Chong, $162,000, and Aaron, $(66.000). After all assets are sold and liabilties are pald, there is $270,000 in cash to be distrbuted. Aaron Is unable to pay the deficiency, The Joumal entry to record the distribution should be: O Debit Cash $27o.ooo: credit Peters, capital $9o,ooo: credit Chong. Capital s9o.ooo. O Debit Peters, Capital $174.ooo: debit Chong, Capital $162,ooo: credit Cash $336,0oo. o Debit Cash $27o.ooo, debit Aaron, Capital $66,000, credit Peters, Capital $174,0oo, credit Chong, Capital $162,ooo. O Debit Peters, Capital $174, ooo; debit Chong, Capital $96,ooo: credit Cash $27o,ooo. O Debit Peters, Capital $141.ooo: debit Chong. Capital $129,000; credit Cash $27o,ooo
Peters, Chong, and Aaron are dissolving their
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