The Morrel & Knoz partnership has the following balances on June 30, 2024: E (Click the icon to view the balances.) Morrel and Knoz share profits 1:1, respectively. Morrel and Knoz decide to liquidate the partnership. Journalize the sale of the non-cash assets for $9,000, the payment of the liabilities, and the payment to the partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $9,000. Data table Date Accounts and Explanation Debit Credit 2024 Morrel and Knoz Jun. 30 Balance Sheet June 30, 2024 Assets Liabilities Cash 18,000 Accounts Payable 18,00 Non-cash Assets 15,000 Partners' Equity Morrel, Capital 6,50 8,50 Knoz, Capital Total Partners' Equity 15,00 33,000 33,00 Total Assets Total Liabilities and Partners' Equity Print Done

The Morrel & Knoz partnership has the following balances on June 30, 2024: E (Click the icon to view the balances.) Morrel and Knoz share profits 1:1, respectively. Morrel and Knoz decide to liquidate the partnership. Journalize the sale of the non-cash assets for $9,000, the payment of the liabilities, and the payment to the partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $9,000. Data table Date Accounts and Explanation Debit Credit 2024 Morrel and Knoz Jun. 30 Balance Sheet June 30, 2024 Assets Liabilities Cash 18,000 Accounts Payable 18,00 Non-cash Assets 15,000 Partners' Equity Morrel, Capital 6,50 8,50 Knoz, Capital Total Partners' Equity 15,00 33,000 33,00 Total Assets Total Liabilities and Partners' Equity Print Done

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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Question

The Morrel & Knoz partnership has the following balances on June 30, 2024:
(Click the icon to view the balances.)
Morrel and Knoz share profits 1:1, respectively. Morrel and Knoz decide to liquidate the partnership. Journalize the sale of the non-cash assets for $9,000, the payment of the liabilities, and the payment to the partners. (Record debits
first, then credits. Select the explanation on the last line of the journal entry table.)
Journalize the sale of the non-cash assets for $9,000.
Data table
i......
Date
Accounts and Explanation
Debit
Credit
2024
Morrel and Knoz
Jun. 30
Balance Sheet
June 30, 2024
Assets
Liabilities
Cash
$
18,000 Accounts Payable
$
18,000
Non-cash Assets
15,000
Partners' Equity
Morrel, Capital
6,500
8,500
Knoz, Capital
Total Partners' Equity
15,000
2$
33,000
2$
Total Liabilities and Partners' Equity
33,000
Total Assets
Print
Done

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