Cheese Partners has decided to close the store. At the date of closing, Cheese Partners had the following account balances: Capital $6,000 Cash 6,000 Inventory 15,000 Store fixtures 8,000 Accounts...

Extracted text: Cheese Partners has decided to close the store. At the date of closing, Cheese Partners had the following account balances: Capital $6,000 Cash 6,000 Inventory 15,000 Store fixtures 8,000 Accounts payable 22,000 A competitor agrees to buy the inventory and store fixtures for $18,000. Prepare the journal entries detailing the liquidation, assuming that partners Colette and Swarma are sharing profits on a 50:50 basis. If an amount box does not require an entry, leave it blank. 0000000 11 DI 0000000.00.


Extracted text: eBook Show Me How Capital $6,000 Cash 6,000 Inventory 15,000 Store fixtures 8,000 Accounts payable 22,000 A competitor agrees to buy the inventory and store fixtures for $18,000. Prepare the journal entries detailing the liquidation, assuming that partners Colette and Swarma are sharing profits on a 50:50 basis. If an amount box does not require an entry, leave it blank. 0000 10 11 00 0000 11 1| 00