finance Johanna and Stefan Salo agreed to liquidate their partnership on March 31 of the current year. On that date, after financial statements were prepared and closing entries were posted, the general ledger accounts had the balances shown in the *Working Papers*.
A cash receipts journal, a cash payments journal, and a general journal are provided in the *Working Papers*.
Journalize the following transactions:
Apr. 1. Received cash from sale of office equipment, $12,000.00. R421 .
1. Received cash from sale of supplies,$1,900.00. R422.
3. Received cash from sale of truck, $15,000.00. R423.
5. Paid cash to all creditors for amounts owed. C547.
6. Distributed balance of Gain on Realization to Johanna Salo, 60%; to Stefan Salo, 40%. M65.
6. Distributed balance of Loss on Realization to Johanna Salo, 60%; to Stefan Salo, 40%. M66.
6. Distributed remaining cash to partners. C548 and C549 10th Edition•ISBN: 9780134700724Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson 3rd Edition•ISBN: 9781319070502 (1 more)C. Nathan DeWall, David G Myers 2nd Edition•ISBN: 9781464113079David G Myers 13th Edition•ISBN: 9780135225691 (1 more)Michael R Solomon