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10. The EF Partnership Liquidated on August 1st. At the time of Liquidation, the balances...

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Accounting

10. The EF Partnership Liquidated on August 1st. At the time of Liquidation, the balances in The EF accounts were as follows:

Assets $400,000

Liabilities $100,000

Eliot Edwards Capital $200,000

Fern Foster Capital $100,000

The assets were sold for $300,000.

Required: Prepare the journal entries for the liquidation of

EF Partnership

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