entries to record the transactions The partners in Crane Company decide to liquidate...
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Accounting
entries to record the transactions
The partners in Crane Company decide to liquidate the firm when the balance sheet shows the following Crane Company Balance Sheet May 31, 2020 Assets Cash Accounts receivable Allowance for doubtful accounts Liabilities and Owners' Equity $30.000 Notes payable $13.700 24.200 Accounts payable 27.200 (1.200) Salaries and wages payable 4,000 34,600 A Jamison, capital 32,600 21,200 S. Mayer, capital 23,100 (5.2001 P. Roper, capital 3.000 $103,600 $103,600 Inventory Equipment Accumulated depreciation-equipment The partners share income and loss 5:32. During the process of liquidation, the following transactions were completed in the following sequence A total of 550.600 was received from converting noncash assets into cash Gain or loss on realization was allocated to partners. Liabilities were paid in full. P. Roper paid his capital deciency Cash was paid to the pertners with credit balances
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