After liquidating noncash assets and paying creditors- account balance.pdf

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The Sheridan Co. has $16,300 in cash remaining after paying creditors, with $7,100, $5,600, and $3,600 credit balances in the capital accounts of partners A, B, and C respectively. As the partners share income equally, the final distribution of $16,300 cash will be credited to their capital accounts in proportion to their ownership interests.

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After liquidating noncash assets and paying creditors, account balances in the Sheridan Co. are
Cash $16 , 300 ; A, Capital (Cr.) $7 , 100 ; B. Capital (Cr.) $5,600; and C. Capital ( Cr . $3 , 600
. The partners share income equally. Journalize the final distribution of cash to the partners.
(Credit occount titles are automatically indented when amount is entered. Do not. Indent
manually.

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