The partnership of Driscoll, Charles, and Gavin is liquidating. Business assets, liabilities, and…

The partnership of Driscoll, Charles, and Gavin is liquidating. Business assets, liabilities, and partners’ capital balances prior to liquidation follow. The partners share profits and losses as follows: Driscoll, 20%; Charles, 30%; and Gavin, 50%. Requirement 1. Journalize the sale of the assets for $165,000, the payment of the liabilities, and the payment of the partners’ final capitalbalances.

 

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