Harry,Tony,and Liza Run a Partnership Firm

question 155

Multiple Choice

Harry,Tony,and Liza run a partnership firm.In the process of liquidation,the partnership sells non-cash assets,having a book value of $78,000,for $86,000.Which of the following is true of the journal entries?

• A)Cash will be credited by $8,000.
• B)Non-cash assets will be credited for $86,000.
• C)Cash will be credited for $78,000.
• D)Non-cash assets will be credited for $78,000.

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Definitions:

Short of Breath

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A record detailing an individual's past medical conditions, treatments, surgeries, and family medical history, used for assessment or treatment.

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An infectious disease affecting the lungs, causing inflammation and fluid-filled air sacs, and presenting symptoms like coughing and difficulty breathing.

Anteroposterior

Describing an orientation or direction from the front (anterior) to the back (posterior).