Just prepare the final distribution of cash entry. Not all 2021...

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Accounting

Just prepare the final distribution of cash entry. Not all

2021

Jan. 1

David Wallace, Capital...................................................

29,500

Olena Dunn, Capital........................................................

15,250

Danny Lin, Capital...........................................................

13,250

Cash.............................................................................

58,000

To distribute remaining cash to partners.

Completed Table:

Cash

Equipment

Accum. Deprec., Equipment

Accounts Payable

Notes Payable

David Wallace, Capital

Olena Dunn, Capital

Danny Lin, Capital

Account balances

December 31, 2020..................

$ 21,400

$ 164,000

$ 93,000

$ 7,400

$ 16,000

$35,000

$18,000

$16,000

Sale of equipment for a loss of $11,000.................................

+60,000

164,000

93,000

5,500

2,750

2,750

Balance.....................................

$ 81,400

$ 0

$ 0

$ 7,400

$ 16,000

$29,500

$15,250

$13,250

Payment of liabilities...............

23,400

7,400

16,000

Balance.....................................

$58,000

$ 0

$ 0

$ 0

$ 0

$29,500

$15,250

$13,250

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