financeSean and Shannon Fleming are partners in a business called CarpetClean. Journals and forms for completing this problem are given in the *Working Papers*. CarpetClean completed the following transactions during the current year.
The Flemings decided to liquidate CarpetClean and retire on December 31. On that date, after financial statements were prepared and closing entries were posted, the general ledger accounts had the following balances:
Cash $108,980.00
Merchandise Inventory 4,000.00
Equipment 30,000.00
Accumulated Depreciation-Equipment 20,000.00
Accounts Payable 5,000.00
Sean Fleming, Capital 60,620.00
Shannon Fleming, Capital 57,360.00
The following transactions occurred on December 31 of the current year:
**Transactions:**
a. Received cash from the sale of merchandise inventory,$3,600.00. R345.
b. Received cash from the sale of equipment, $14,000.00. R346.
c. Paid cash to all creditors for amounts owed. C575.
d. Distributed balance of Gain on Realization to the partners on an equal basis. M288.
e. Distributed balance of Loss on Realization to the partners on an equal basis. M289.
f. Distributed remaining cash to partners. C576 and C577.
5. Journalize the transactions. Continue on the next available line of the journals. 1st Edition•ISBN: 9781938168178Glen Krutz412 solutions
9th Edition•ISBN: 9781337531658Christina Dejong, Christopher E. Smith, George F Cole105 solutions
16th Edition•ISBN: 9780133905045George C. Edwards III, Martin P. Wattenberg, Robert L. Lineberry269 solutions
11th Edition•ISBN: 9781305093300Michael D. Reisig, Todd R. Clear160 solutions