The balance sheet of Ryan and Peter firm as on December 31, 2014, is given below. 
Ryan and Peter share profits in the ratio 3:2. They have decided to liquidate the partnership with immediate effect. They sold the furniture and equipment for $70,000. Which of the following is the correct journal entry for the sale transaction?
Definitions:
Parents Divorced
Describes a situation where one's legal guardians have legally ended their marriage.
Closed Questions
Questions that limit the respondent's answer to a single word or a short phrase, such as "yes" or "no".
Reflection of Feeling
A communication technique used in counseling where the therapist repeats the client's expressed emotions back to them to validate their feelings and promote understanding.
Discouraged
Refers to being made less confident, enthusiastic, or optimistic.
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