Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 4.00

ledger of Mike, Nan, and Okey

Liquidation—Journal entries

After closing entries were made on December 31, 2011, the ledger of Mike, Nan, and Okey contained the following balances:

Cash

$39,000

Accounts payable

$ 5,000

Inventory

16,000

Mike capital (40%)

15,000
   

Nan capital (30%)

8,000
   

Okey capital (30%)

27,000

Due to unsuccessful operations, the partners decide to liquidate the business. During January some of the inventory is sold at cost for $10,000, and on January 31, 2012, all available cash is distributed. It is not known if the remaining inventory items can be sold.

REQUIRED: Prepare all journal entries necessary to account for the transactions of the partnership during January 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 4.00

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