The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:
Cash - $66,000
Noncash - $231,000
Liabilities - $46,000
Frick, capital (60%) - $135,000
Wilson, capital (20%) - $37,000
Clarke, capital (20%) - $79,00
Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation.
Extracted text: No Transaction General Journal Debit Credit 1 1 Clarke, Capital Cash Cash Frick, Capital Wilson, Capital Clarke, Capital 3 Liabilities Cash 4 4 Frick, Capital Wilson, Capital Clarke, Capital Cash Cash Frick, Capital Wilson, Capital Clarke, Capital Noncash assets Frick, Capital Wilson, Capital 6. Clarke, Capital Cash 2.
Extracted text: 7 7 Frick, Capital Wilson, Capital Clarke, Capital Cash