David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020$40,300 $191,000 $102,000 $8,300 $25,000 $44,000 $27,000 $25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).1Record the sale of equipment. 2Record the distribution of gain/loss on sale of equipment to partners. 3Record the payment to creditors. 4Record the distribution of remaining cash to partners. David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances asof December 31, 2020:Accum.DavidOlenaDeprec.Equipment Equipment$102,000Wallace,Сapital$44,000DannyLin,Сapital$25,000AccountsNotesDunn,Саpital$27,000CashPayable$8,300Payable$25,000Account balances December 31, 2020$40,300$191,000Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 onJanuary 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.)Accum.DavidOlenaDannyLin,CapitalAccountsNotesEquipmentDunn,CapitalCashDeprec.EquipmentWallace,CapitalPayablePayableAccount balances December 31, 2020$ 40,300 $191,000 $102,000 $8,300 $ 25,000 $44,000 $27,000 $25,000Sale of equipment69,000(191,000)(102,000)(10,000)(5,000)(5,000)Balance$ 109,300$$8,300 $ 25,000$34,000 $22,000$20,000Payment of liabilities(33,300)(8,300)(25,000)Balance$ 76,000 $$$$34,000 $22,000$20,000%24%24 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).View transaction listRecord the sale of equipment.>Record the distribution of gain/loss on sale of equipmentto partners.23Record the payment to creditors.4Record the distribution of remaining cash to partners.CreditNote := journal entry has been enteredRecord entryClear entryView general journal

Name: David Wallace, Olena Dunn, and Danny Lin were partners in a commercial
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Description: David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDun

Liquidation of Partnership - Liquidation of partnership is the process of selling all the assets…

David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum. Deprec. Equipment Accounts Payable Notes Payable David Wallace, Capital Olena Dunn, Capital Danny Lin, Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale of equipment. 2 Record the distribution of gain/loss on sale of equipment to partners. 3 Record the payment to creditors. 4 Record the distribution of remaining cash to partners.

Intermediate Accounting: Reporting And Analysis

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Chapter6: Cash And Receivables

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Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020:

	Cash		Equipment	Accum. Deprec. Equipment		Accounts Payable	Notes Payable		David Wallace, Capital	Olena Dunn, Capital		Danny Lin, Capital
Account balances December 31, 2020	$	40,300		$	191,000		$	102,000		$	8,300		$	25,000	$	44,000	$	27,000	$	25,000

Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.

The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries.

2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).

1

Record the sale of equipment.
2

Record the distribution of gain/loss on sale of equipment to partners.
3

Record the payment to creditors.
4

Record the distribution of remaining cash to partners.

David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as
of December 31, 2020:
Accum.
David
Olena
Deprec.
Equipment Equipment
$102,000
Wallace,
Сapital
$44,000
Danny
Lin,
Сapital
$25,000
Accounts
Notes
Dunn,
Саpital
$27,000
Cash
Payable
$8,300
Payable
$25,000
Account balances December 31, 2020
$40,300
$191,000
Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on
January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.
Required:
1. Complete the schedule. (Negative answers should be indicated by a minus sign.)
Accum.
David
Olena
Danny
Lin,
Capital
Accounts
Notes
Equipment
Dunn,
Capital
Cash
Deprec.
Equipment
Wallace,
Capital
Payable
Payable
Account balances December 31, 2020
$ 40,300 $
191,000 $
102,000 $
8,300 $ 25,000 $
44,000 $
27,000 $
25,000
Sale of equipment
69,000
(191,000)
(102,000)
(10,000)
(5,000)
(5,000)
Balance
$ 109,300
$
$
8,300 $ 25,000
$
34,000 $
22,000
$
20,000
Payment of liabilities
(33,300)
(8,300)
(25,000)
Balance
$ 76,000 $
$
$
$
34,000 $
22,000
$
20,000
%24
%24

2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).
View transaction list
Record the sale of equipment.
>
Record the distribution of gain/loss on sale of equipment
to partners.
2
3
Record the payment to creditors.
4
Record the distribution of remaining cash to partners.
Credit
Note :
= journal entry has been entered
Record entry
Clear entry
View general journal

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