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5) The partners of the White Tooth Partnership agree to liquidate. After all liabilities of...

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Accounting

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5) The partners of the White Tooth Partnership agree to liquidate. After all liabilities of $100,000 are paid, the capital account balances are: Andy $80,000; Pam $70,000; and Judy ($4,000). Judy agrees to pay $4,000 in cash to settle her deficiency. Prepare the two journal entries required to end the partnership. (1 Mark)

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