Ask Question
13 October, 11:08

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.

+3
Answers (1)
  1. 13 October, 14:24
    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 you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers