After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.
Non-cash assets are sold for $275,000. Profits and losses are shared equally.
Record the payment of the liabilities.

Question

After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.
  Non-cash assets are sold for $275,000. Profits and losses are shared equally.
Record the payment of the liabilities.

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The Answer of After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.
  Non-cash assets are sold for $275,000. Profits and losses are shared equally.
Record the payment of the liabilities.

After Several Years of Business, Abel, Barney, and Cole Are