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Business, 30.10.2020 17:00, xXFLUFFYXx
Masters, Hardy, and Rowen are dissolving their partnership. Their partnership agreement allocates income and losses equally among the partners. The current period's ending capital account balances are Masters, $15,000; Hardy, $15,000; Rowen, $30,000. After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $54,000 in cash to be distributed. The general journal entry to record the final distribution would be:
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Masters, Hardy, and Rowen are dissolving their partnership. Their partnership agreement allocates in...
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