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[The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $45,000 are expected. The partnership balance sheet at the start of liquidation is as follows: The following transactions transpire in chronological order during the liquidation of the partnership: 1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $25,500, the building for $122,000, and the land for $164,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $35,500 only. 6. Made final cash distributions to the partners. Prepare journal entries to record these liquidation transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information \begin{tabular}{|c|c|c|c|c|c|} \hline & & | vvaiu, capital & v & & \\ \hline & & Land & 2 & & 155,000 \\ \hline & & Office equipment (net) & 2 & & 61,000 \\ \hline & & Building (net) & 2 & & 165,000 \\ \hline \multirow[t]{5}{*}{3} & 3 & Butler, loan & 2 & 41,000 & \\ \hline & & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \multirow[t]{2}{*}{4} & 4 & Liabilities & 2 & 181,000 & \\ \hline & & Cash & 2 & & 181,000 \\ \hline \multirow[t]{4}{*}{5} & 5 & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \multirow[t]{4}{*}{6} & 6 & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \end{tabular} Answer is not complete. \begin{tabular}{|c|c|c|c|c|c|} \hline No & Transaction & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit \\ \hline \multirow[t]{5}{*}{1} & 1 & Cash & 2 & 63,900 & \\ \hline & & Butler, capital & 2 & 1,775 & \\ \hline & & Osman, capital & 2 & 1,775 & \\ \hline & & Ward, capital & 2 & 3,550 & \\ \hline & & Accounts receivable & 2 & & 71,000 \\ \hline \multirow[t]{7}{*}{2} & 2 & Cash & 2 & 311,500 & \\ \hline & & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Land & 2 & & 155,000 \\ \hline & & Office equipment (net) & 2 & & 61,000 \\ \hline & & Building (net) & 2 & & 165,000 \\ \hline \multirow[t]{5}{*}{3} & 3 & Butler, loan & 2 & 41,000 & \\ \hline & & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \multirow[t]{2}{*}{4} & 4 & Liabilities & 2 & 181,000 & \\ \hline & & Cash & 2 & & 181,000 \\ \hline 5 & 5 & Butler, capital & 2 & & \\ \hline \end{tabular} [The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $45,000 are expected. The partnership balance sheet at the start of liquidation is as follows: The following transactions transpire in chronological order during the liquidation of the partnership: 1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $25,500, the building for $122,000, and the land for $164,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $35,500 only. 6. Made final cash distributions to the partners. Prepare journal entries to record these liquidation transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information \begin{tabular}{|c|c|c|c|c|c|} \hline & & | vvaiu, capital & v & & \\ \hline & & Land & 2 & & 155,000 \\ \hline & & Office equipment (net) & 2 & & 61,000 \\ \hline & & Building (net) & 2 & & 165,000 \\ \hline \multirow[t]{5}{*}{3} & 3 & Butler, loan & 2 & 41,000 & \\ \hline & & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \multirow[t]{2}{*}{4} & 4 & Liabilities & 2 & 181,000 & \\ \hline & & Cash & 2 & & 181,000 \\ \hline \multirow[t]{4}{*}{5} & 5 & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \multirow[t]{4}{*}{6} & 6 & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \end{tabular} Answer is not complete. \begin{tabular}{|c|c|c|c|c|c|} \hline No & Transaction & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit \\ \hline \multirow[t]{5}{*}{1} & 1 & Cash & 2 & 63,900 & \\ \hline & & Butler, capital & 2 & 1,775 & \\ \hline & & Osman, capital & 2 & 1,775 & \\ \hline & & Ward, capital & 2 & 3,550 & \\ \hline & & Accounts receivable & 2 & & 71,000 \\ \hline \multirow[t]{7}{*}{2} & 2 & Cash & 2 & 311,500 & \\ \hline & & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Land & 2 & & 155,000 \\ \hline & & Office equipment (net) & 2 & & 61,000 \\ \hline & & Building (net) & 2 & & 165,000 \\ \hline \multirow[t]{5}{*}{3} & 3 & Butler, loan & 2 & 41,000 & \\ \hline & & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Cash & 2 & & \\ \hline \multirow[t]{2}{*}{4} & 4 & Liabilities & 2 & 181,000 & \\ \hline & & Cash & 2 & & 181,000 \\ \hline 5 & 5 & Butler, capital & 2 & & \\ \hline \end{tabular}

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