The partners of the Blue Tooth Partnership agree to liquidate.After all liabilities of $100,000 are paid,the capital account balances are: Wong,$80,000; Winslow,$70,000; and Peters,($4,000).Peters is unable to pay his capital deficiency.Assume the partners have no agreement for sharing profits and losses.Prepare the journal entries required to end the partnership.

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The Answer of The partners of the Blue Tooth Partnership agree to liquidate.After all liabilities of $100,000 are paid,the capital account balances are: Wong,$80,000; Winslow,$70,000; and Peters,($4,000).Peters is unable to pay his capital deficiency.Assume the partners have no agreement for sharing profits and losses.Prepare the journal entries required to end the partnership.

The Partners of the Blue Tooth Partnership Agree to Liquidate