Answer Happy

required 1 inventory
required 1 G1
required 2 inventory
required 2 GJ
required 3 inventory
required 3 GJ
required 4 inventory
required 4 GJ
Kendra. Cogley, and Mel share income and loss in a 321 ratio (in ratio form: Kendra 3/6, Cogley, 2/6, and Mei 1/6) The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows Balance Sheet Assets Liabilities Cash $ 93,300 Accounts payable $ 258,000 Inventory 547,200 Equity Kendra, Capital 76,500 Cogley, Capital 172,125 Mei, Capital 133,875 Total assets $ 640,500 Total Libilities and equity $ 640,500 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare joumal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $622,800, 2. Inventory is sold for $466,800 3. Inventory is sold for $331,800 and partners with deficits pay their deficits in cash 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits
1. Inventory is sold for $622,800 2. Inventory is sold for $466,800, 3. Inventory is sold for $331,800 and partners with deficits pay their deficits in cash 4. Inventory is sold for $296,400 and partners with deficits do not pay their deficits Complete this question by entering your answers in the tabs below. Required 4 Inventory Required 4 G) Required 1 Required 16) Required 2 Required Required 36) Inventory Required 2G) Inventory Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $622,800 Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 622 800 Inventory cost COGLEY $ 172, 125 MEI 133 875 s Total 382,500 $ Step 2) Allocation of the Gain (Loss) to the Partners KENDRA Initial capital balances 76,500 Allocation of Gains (losses) Capital balances after gains (losos) Redentory Required 1 GJ >
Required 3 GJ Required 3 Inventory Required 4 Inventory Required 4 ) Required 2 Inventory Required 1 Inventory Required 2 G Required 1 G) Prepare journal entries to record the inventory is sold for $622,800 View transaction list Journal entry worksheet < 2 > 1 3 4 Record the sale of Inventory Note: Enter debits before credits Debit Credit General Journal Transaction (a) Record entry Clear entry View general Journal
Required 1 Inventory Required 2 Inventory Required 2G Required 16 Required 3 Inventory Required 4 Inventory Required 3 G) Required 43 Prepare journal entries to record the inventory is sold for $622,800. View transaction list Journal entry worksheet < 1 2 3 4 Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits General Journal Debit Credit Transaction (b) Record entry Clear entry
Required 4 Inventory Required 4 G) Required 3 Inventory Required 3 G) Required 2 63 Required 2 Inventory Required Inventory Required 1 G) Prepare foumal entries to record the inventory is sold for $622,800 View transaction list Journal entry worksheet > < 1 2 3 4 Record the payment of the liabilities. Note: Enter debits before credits Debit Credit General Journal Transaction (0) Record entry Clear entry View general Journal
Required 4 G] Required 4 Inventory Required 2 Inventory Required 1 Inventory Required 3 G Required 1 G Required 3 Inventory Required 2G) Prepare journal entries to record the inventory is sold for $622,800. View transaction list Journal entry worksheet 1 2 3 tes 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits General Journal Debit Credit Transaction (d) Record entry Clear entry View general journal
Complete this question by entering your answers in the tabs below. Required 4 G3 Required 1 Required 3 Required 2 Required + Required 16 Inventory Inventory Required 2 Required 36) Inventory Inventory Complete the schedule allocating the gain or loss on the sale of Inventory is $466,800. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 456,800 toiventory cost Step 2) Allocation of the Gain (Loss) to the Partners KENDRA Initial capital balances 76,500 Alocation of gains (osses) Capital balances after gains (losses) COGLEY $ 172,125 MEI Total 133,875 $ 382 500 $ < Required 1 GJ Required 2GJ >
Required 1 Inventory Required 1 G) Required 2 Inventory Required 2 GJ Required 3 Inventory Required 3 ) Required 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $466,800. View transaction list Journal entry worksheet < 1 2 3 4 Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal
Required 4 G) Required 4 Inventory Required 3 G) Required 3 Inventory Required 2 60 Required 2 Inventory Required 1 Inventory Required 1 ) Prepare journal entries to record the inventory is sold for $466,800. View transaction list Journal entry worksheet > < 2 3 Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits Debit Credit Transaction General Journal (6) Record entry Clear entry View general journal
Required 4 G) Required 4 Inventory Required 3 63 Required 3 Inventory Required 2G Required 2 Inventory Required 1 Inventory Required 1 ] Prepare fournal entries to record the inventory is sold for $466,800, View transaction list Journal entry worksheet > 3 < 2 4 1 Record the payment of the liabilities, Note: Enter debits before credits. Debit Credit General Journal Transaction (c) Record entry Clear entry View general Journal
Required 1 Required 1G) Required 2 Inventory Required 3 Inventory Required 4 G) Required 4 Inventory Required 2G) Required 3 G) Inventory Prepare journal entries to record the inventory is sold for $466,800 View transaction list Journal entry worksheet < 1 2 3 4 Record the disbursement of the remaining cash to the partners. Note: Enter debits before credits General Journal Debit Credit Transaction (d) Record entry Clear entry View general journal
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 1 G Required 2 G Inventory Inventory Required 4 G) Required 3 G) Inventory Inventory Complete the schedule allocating the gain or loss on the sale of inventory is $331,800 and partners with deficits pay their deficits in cash. Step 1) Determination of Gain (Loss) Proceeds from the sale of inventory $ 331 800 Inventory cost COGLEY $ 172,125 MEI Total 133,875 $382.500 s Step 2) Allocation of the Gain (Loss) to the Partners KENDRA Initial capital balar $ 76,500 Allocation of gains (losses) Capital balances after gains (losses) < Required 2 GJ Required 3 GJ >
Required 1 G Inventory Required 2G Required 3 G) Inventory Inventory Required 4 G) Inventory Prepare journal entries to record the inventory is sold for $331,800 and partners with deficits pay their deficits in cash. View transaction list Journal entry worksheet < 1 2. 3 4 5 Record the sale of inventory, Note: Enter debits before credits General Journal Debit Credit Transaction (a) Record entry Clear entry View general Journal
Required 3 Inventory Required 2 ) Inventory Required 1 63 Inventory Inventory Prepare journal entries to record the inventory is sold for $331,800 and partners with deficits pay their deficits View transaction list Journal entry worksheet > 2 < 3 4 5 tes Allocate the gain(loss) on the sale of inventory to the partners. Note: Enter debits before credits Debit Credit General Journal Transaction (6-1) Record entry Clear entry View general Journal
Required 4 6J Required 3 G) Inventory Required 2 Inventory Required 1 G Inventory Inventory Prepare journal entries to record the inventory is sold for $331,800 and partners with deficits pay their deficits in View transaction list Journal entry worksheet > 2 3 4 < 1 5 The partner(s) with deficit balances repay the amount of their deficit(s). Note: Enter debits before credits Debit Credit General Journal Transaction (6-2) Record entry Clear entry View general Journal
Inventory Required 3 G) Required 1 G] Required 2G) Inventory Inventory Inventory Prepare journal entries to record the inventory is sold for $331,800 and partners with deficits pay their deficit View transaction list Journal entry worksheet > 2 3 5 Record the payment of liabilities. Note: Enter debits before credits General Journal Debit Credit Transaction (c) Record entry Clear entry View general journal
Required Inventory Required 3 Inventory Required 2G Required 3 G) Required 2 Inventory Required 1 Inventory Required 1 G) Prepare journal entries to record the inventory is sold for $331,800 and partners with deficits pay View transaction list Journal entry worksheet < 2 3 5 Record the distribution of the remaining cash to the partners. Note: Enter debits before credits. General Journal Debit Credit Transaction (d) Record entry Clear entry View general Journal
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 2 G3 Required 1 G) Inventory Inventory Required 3 G Inventory Required 4 G) Inventory Complete the schedule allocating the gain or loss on the sale of inventory $296,400 and partners with deficits do not pay their deficits. $ 296,400 Step 1) Determination of gain (loss) Proceeds from the sale of inventory Inventory cost MEI Total $ 133 875 $382 500 Step 2) Allocation of the gain (loss) to the partners and distribution of deficit/s) KENDRA COGLEY Initial capital balances $ 76,500 $ 172 125 Allocation of gains (losses) Capital balances after gains (losses) Allocation of deficit balance Capital balances after doit allocation < Required 3 GJ Required 4 GJ >
Required Requirea required nequites Resulted 4 GB Required 16) Inventory Required 3 G) Required 2G) Inventory Inventory Inventory Prepare Journal entries to record the inventory is sold for $296,400 and partners with deficits do not pay their defidts. View transaction list Journal entry worksheet > < 1 2 3 4 5 Record the sale of inventory for $296,400. Note: Enter debits before credits Credit Debit General Journal Transaction (a) Record entry Clear entry View general journal
Required Inventory Requirea 2 Inventory Required 4 G) Required 1 G) kequired Inventory Required 2 G) Required 3 G) Requirea 4 Inventory Prepare journal entries to record the inventory is sold for $296,400 and partners with deficits do not pay their deficits. View transaction list Journal entry worksheet > < 2 3 4 5 Record the allocation of the gain or loss on the sale of inventory to the partners. Note: Enter debits before credits General Journal Debit Credit Transaction (6-1) Record entry Clear entry View general journal
required Inventory Required 16) Requirea 2 Inventory Required 2 G) Requirea 3 Inventory Required 3 G Requirea 4 Inventory Required 4 G) Prepare journal entries to record the inventory is sold for $296,400 and partners with deficits do not pay their deficits View transaction list Journal entry worksheet 3 5 Assuming that the partners have no assets other than those invested, allocate any partner(s) deficit balances to the remaining partners. Note: Enter debits before credits General Journal Debit Credit Transaction (62) Record entry Clear entry View general journal
Required 3 G) Kequirea 4 Inventory Required 4 G) Required Inventory Requires 2 Inventory Required Inventory Required 1 G) Required 2G) Prepare Journal entries to record the inventory is sold for $296,400 and partners with deficits do not pay their deficits. View transaction List Journal entry worksheet 1 < 2 3 4 5 Record the payment of Habilities, Note: Enter debits before credits General Journal Debit Credit Transaction (c) Record entry Clear entry View general Joumal
Required Requirea 2 kequirea 3 Requirea 4 Required 1 6 Required 2 G Inventory Required 4 G Inventory Required 3 G) Inventory Inventory Prepare journal entries to record the inventory is sold for $296,400 and partners with deficits do not pay their deficits- View transaction list Journal entry worksheet 2 3 4 Record the disbursement of the remaining cash to the partner(s). Note: Enter debits before credits General Journal Debit Credit Transaction (d) Record entry Clear entry View general joumal