Ask Question
16 June, 08:41

After liquidating noncash assets and paying creditors, account balances in the Mann Co. are Cash $17, 940, A Capital (Cr.) $8, 030, B Capital (Cr.) $6, 380, and C Capital (Cr.) $3, 530. The partners share income equally. Journalize the final distribution of cash to the partners.

+5
Answers (1)
  1. 16 June, 09:03
    0
    Given that,

    Account balances:

    A Capital = $8,030

    B Capital = $6,380

    C Capital = $3,530

    The Journal entry is as follows:

    A's capital A/c Dr. $8,030

    B's capital A/c Dr. $6,380

    C's capital A/c Dr. $3, 530

    To cash A/c $17,940

    (To record the final distribution of cash to the partners)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “After liquidating noncash assets and paying creditors, account balances in the Mann Co. are Cash $17, 940, A Capital (Cr.) $8, 030, B ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers