Rodriguez,Sate and Melton Are Dissolving Their Partnership B C D

question 114

Essay

Rodriguez,Sate and Melton are dissolving their partnership.Their partnership agreement allocates income and losses equally among the partners.The current period's ending capital account balances are Rodriguez,$30,000,Sate,$30,000,Melton,$(4,000).After all the assets are sold and liabilities are paid,but before any contributions are considered to cover any deficiencies,there is $56,000 in cash to be distributed.Melton pays $4,000 to cover the deficiency in her account.The general journal entry to record the final distribution would be:
A.
$\begin{array}{|l|c|c|}\hline \text { Rodriguez Capital } & 30,000 & \\\hline \text { Sate, Capital } & 3000 & \\\hline \text { Cash } & & 60,000 \\\hline\end{array}$
B.
$\begin{array}{|l|c|c|}\hline \text { Rodriguez, Capital. } & 28,000 \\\hline \text { Sate, Capital. } & 28,000 \\\hline \text { Cash. } &&56,000 \\\hline\end{array}$
C.
$\begin{array}{|l|c|c|}\hline \text { Rodriguez, Capital. } & 30,000 & \\\hline \text { Sate, Capital. } & 30,000 & \\\hline \text { Melton, Capital} & & 4,000 \\\hline \text { Cash. } & & 56,000 \\\hline\end{array}$

D.
$\begin{array}{|l|c|c|}\hline \text { Cash. } & 56,000 & \\\hline \text { Melton, Capital. } & 4,000 & \\\hline \text { Rodriguez, Capital } & & 30,000 \\\hline \text { Sate, Capital. } & & 30,000 \\\hline\end{array}$

E.
$\begin{array}{|l|c|c|}\hline \text { Rodriguez, Capital. } & 18,667 \\\hline \text { Sate, Capital. } & 18,667 \\\hline \text { Melton, Capital. } & 18,666 \\\hline \text { Cash. } &&56,000 \\\hline\end{array}$

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