Elliot and Jessica are about to liquidate their partnership.They each have $40,000 capital balances,and they share income and losses in a 3:1 ratio,respectively.In addition,the partnership has $50,000 in cash,$90,000 in noncash assets,and $60,000 in accounts payable.Assuming that the noncash assets are sold for $34,000 and that both partners are personally solvent,prepare all the liquidation entries in the journal provided.

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The Answer of Elliot and Jessica are about to liquidate their partnership.They each have $40,000 capital balances,and they share income and losses in a 3:1 ratio,respectively.In addition,the partnership has $50,000 in cash,$90,000 in noncash assets,and $60,000 in accounts payable.Assuming that the noncash assets are sold for $34,000 and that both partners are personally solvent,prepare all the liquidation entries in the journal provided.

Elliot and Jessica Are About to Liquidate Their Partnership