Question
Partners Smith and Jones decide to close their business and share the profits equally. They sell the partnership's non-cash assets.
The transactions for the sales are below:
1. The merchandise inventory, which cost $45,000, was sold for $38,000.
2. The office equipment, with a book value of $27,000 was sold for $29,000.
How to record the transactions in a General Journal form?
Please help i am in big trouble.
Thank You
The transactions for the sales are below:
1. The merchandise inventory, which cost $45,000, was sold for $38,000.
2. The office equipment, with a book value of $27,000 was sold for $29,000.
How to record the transactions in a General Journal form?
Please help i am in big trouble.
Thank You