The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following: The three partners shared net income and losses in a 5:3:2 ratio, respectively. Noncash assets were sold for $60,000. Creditors were paid in full, partners were paid $35,000, and the balance of cash was retained pending future developments.
Record the journal entry for payment of outstanding liabilities to the creditors.

Question

The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following:  The three partners shared net income and losses in a 5:3:2 ratio, respectively. Noncash assets were sold for $60,000. Creditors were paid in full, partners were paid $35,000, and the balance of cash was retained pending future developments.
Record the journal entry for payment of outstanding liabilities to the creditors.

Quizplus · Accepted Answer

The Answer of The balance sheet of Rogers, Dennis & Berry LLP prior to liquidation included the following:  The three partners shared net income and losses in a 5:3:2 ratio, respectively. Noncash assets were sold for $60,000. Creditors were paid in full, partners were paid $35,000, and the balance of cash was retained pending future developments.
Record the journal entry for payment of outstanding liabilities to the creditors.

The Balance Sheet of Rogers, Dennis & Berry LLP Prior