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LOT is a partnership owned by Maggie Lafleur, Susan Olay, and Tara Thibert. The partners' profit-and-loss-sharing agreement is 3:1:4, respectively. The adjusted trial balance of the partnership at November 30, 2016 follows:

LOT

Adjusted Trial Balance

Nov 30 2016

Account Title	Debit	Credit
Cash	$4,000
Merchandise Inventory	4,000
Building	235,000
Accumulated Depreciation - Building		$35,000
Accounts Payable		15,000
Mortgage Payable		75,000
Lafleur, Capital		50,000
Olay Capital		65,000
Thibert, Capital		35,000
Lafleur, Withdrawals	9,000
Olay, Withdrawals	3,000
Thibert, Withdrawals	5,000
Sales Revenue		65,000
Costs of Good Sold	38,000
Salaries Expense	26,000
Rent Expense	16,000
Total	$340,000	$340,000

Requirement 1. Prepare a statement of partners' equity for the month ended November 30, 2016 Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November. (Use a minus sign or parentheses to show a decrease in capital.)

LOT

Statment of Partners' Equity

Month Ended Nov 30 2016

	Lafleut	Olay	Thibert	Total

Requirement 2. Prepare the four closing entries for the month ended November 30, 2016. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Start by closing revenues.

Date	Accounts and Explanation	Debit	Credit

Close expenses for the period. (Prepare a single compound journal entry.)

Date	Accounts and Explanation	Debit	Credit

Close Income Summary. (Prepare a single compound journal entry.)

Date	Accounts and Explanation	Debit	Credit

Close withdrawals. (Prepare a single compound journal entry.)

Date	Accounts and Explanation	Debit	Credit

Requirement 3. Thibert decides to withdraw from the partnership on December1, 2016.Her settlement includes all the Merchandise Inventory and all of the Cash in exchange for her equity interest in the partnership. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Date	Accounts and Explanation	Debit	Credit

Requirement 4. Immediately after Thibert's withdrawal, Lafleur and Olay decide to liquidate the partnership. They sell the building for $172,000.Then they pay the liabilities and distribute the cash to complete the liquidation. Journalize these liquidation entries. Assume the profit-and-loss-sharing ratios remain the same. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Journalize the sale of the non-cash assets for $172000.

Date	Accounts and Explanation	Debit	Credit

Journalize the allocation of any gain or loss on the liquation of the non-cash assets. (Prepare a single compound journal entry.)

Date	Accounts and Explanation	Debit	Credit

Journalize the payoff of liabilities.

Date	Accounts and Explanation	Debit	Credit

Journalize the distribution of the remaining cash to the partners.

Date	Accounts and Explanation	Debit	Credit

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