After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances
Cash 18,000
Inventory 73,000
Other assets 157,000
Accounts Payable 61,000
Abel, Capital 50,000
Barney, Capital 50,000
Cole, Capital 87,000
Non-cash assets are sold for $270,000. Profits and losses are shared equally.
Record the sale of the noncash items.
What will be an ideal response?
Answer:
Cash 270,000
Merchandise Inventory 73,000
Other Assets 157,000
Loss or Gain from Realization 40,000
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