Harry,Tony,and Liza Run a Partnership Firm

question 14

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 $8000.
• 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:

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An educational institution that serves students in the intermediate grades, usually between elementary school and high school.