ABC is a partnership owned by Alders, Byron, and Calvin, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follows:
ABC 

Adjusted Trial Balance 
June 30, 2014 

Account Title 
Cash $33,000DR
Non-Cash Assets $117,000DR 
Notes Payable $32,000CR
Alders, Capital $22,000CR 
Byron, Capital $50,000CR
Calvin, Capital $53,000CR 
Alders, Withdrawals $9,000DR
Bryon, Withdrawals $27,000DR 
Calvin, Withdrawals $49,000DR
Sales Revenue $164,000CR 
Salaries Expense $74,000DR 
Rent Expense $12,000DR 
Total $321,000DR $321,000CR 

Requirements:
1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts. 
2. Open each partner's capital T-accounts with the adjusted balance, post the closing entries to their accounts, and determine each partner's ending capital balance. 
3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000.


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