Journal Entry : Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names. Rule of Debit and Credit a. Debit What comes in and Credit What goes out b. Debit is the receiver and Credit is the giver. c. All gains and income are credit and all losses and expenses are debit. Partnership : Partnership is the relation between two or more person agreeing to carry on business for profits. Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm. Requirement1 To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

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Answer 1

Question

Chapter 12, Problem S12.11SE

To determine

Concept Introduction:

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm.

Requirement1

To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

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Answer 2

Question

Chapter 12, Problem S12.11SE

To determine

Concept Introduction:

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm.

Requirement1

To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 12, Problem S12.11SE

To determine

Concept Introduction:

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm.

Requirement1

To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

Expert Solution & Answer

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Answer 4

Question

Chapter 12, Problem S12.11SE

To determine

Concept Introduction:

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm.

Requirement1

To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

Expert Solution & Answer

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Answer 5

Chapter 12, Problem S12.11SE

To determine

Concept Introduction:

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm.

Requirement1

To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

Answer 6

Chapter 12, Problem S12.11SE

To determine

Concept Introduction:

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm.

Requirement1

To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

Answer 7

Chapter 12, Problem S12.11SE

To determine

Concept Introduction:

Journal Entry: Journal entries are accounting entries made in a chronological order in the general ledger to record business transactions. Journal entry are logged with the debit amounts and credit amounts, with their respective dates and account names.

Rule of Debit and Credit

a. Debit What comes in and Credit What goes out

b. Debit is the receiver and Credit is the giver.

c. All gains and income are credit and all losses and expenses are debit.

Partnership: Partnership is the relation between two or more person agreeing to carry on business for profits.

Liquidation of Partnership: Liquidation of partnership means closing the partnership and distributing its assets and paying off the liabilities of Firm.

Requirement1

To Prepare: Journal Entries on liquidation of MCANALLY & KORNIYENKO partnership firm

Answer 8

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Answer 9

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Answer 10

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Answer 11

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