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Parsons Company wishes to liquidate the firm by distributing the companys cash to the three...

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Accounting

Parsons Company wishes to liquidate the firm by distributing the companys cash to the three partners. Prior to the distribution of cash, the companys balances are: Cash $65,170; Oakley, Capital (Cr.) $49,270; Quaney, Capital (Dr.) $30,720; and Ellis, Capital (Cr.) $46,620. The income ratios of the three partners are 2 : 2 : 6, respectively. Prepare the entry to record the absorption of Quaneys capital deficiency by the other partners and the distribution of cash to the partners with credit balances.

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