After liquidating noncash assets and paying creditors, account balances in the Main Co. are Cash $29,000, A Capital (Cr.) $11,000, B Capital (Cr,) $8,000 and C Capital (Cr.) $10,000. The partners share income equally.
Instructions
Journalize the final distribution of cash to the partners.

Question

Quizplus · Accepted Answer

The Answer of After liquidating noncash assets and paying creditors, account balances in the Main Co. are Cash $29,000, A Capital (Cr.) $11,000, B Capital (Cr,) $8,000 and C Capital (Cr.) $10,000. The partners share income equally.
Instructions
Journalize the final distribution of cash to the partners.

After Liquidating Noncash Assets and Paying Creditors, Account Balances in the Main