After Several Years of Operation, the Partnership of Raimondo, Rodriguez

question 39

Essay

After several years of operation, the partnership of Raimondo, Rodriguez, and Rosenfeld is being liquidated. After making closing entries on September 30, 20--, the following accounts remain open: $\begin{array}{lr}\text { Cash } & 18,000 \\\text { Merchandise inventory } & 73,000 \\\text { Other assets } & 157,000\\\text { Accounts payable } && 61,000 \\\text { M. A. Raimondo, capital } & &50,000 \\\text { M. E. Rodriguez, capital } & &50,000 \\\text { C. R. Rosenfeld, capital } && 87,000\end{array}$ The noncash assets are sold for $275,000. Profits and losses are shared equally.
Required:
Prepare journal entries for the following transactions:
a.
The sale of the noncash assets on October 1.
b.
Payment of the liabilities on October 15.
c.
Division of the remaining cash on October 20.

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Definitions:

Identity Achievement

A status in which an individual has gone through an identity crisis and has made a commitment to a sense of identity (i.e., role or goal) that he or she has chosen.

James Marcia's Identity Statuses

a theory proposing four statuses of identity development: identity diffusion, foreclosure, moratorium, and achievement, based on the presence or absence of crisis and commitment.

Active Questioning

The practice of continuously asking questions to foster learning or find deeper understanding, often used in educational settings.

Status Offense

A noncriminal act that is considered a violation of the law only because of the offender's status as a minor, such as truancy or running away from home.