10. The EF Partnership Liquidated on August 1st. At the time of Liquidation, the balances...
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10. The EF Partnership Liquidated on August 1st. At the time of Liquidation, the balances in The EF accounts were as follows:
Assets $400,000
Liabilities $100,000
Eliot Edwards Capital $200,000
Fern Foster Capital $100,000
The assets were sold for $300,000.
Required: Prepare the journal entries for the liquidation of
EF Partnership
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