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Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an...

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Accounting

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Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current period's ending capital account balances are Peters. $96.000: Chong. $84.000; and Aaron, $(27.000). After all assets are sold and liabilities are paid, there is $153.000 in cash to be distributed. Aaron is unable to pay the deficiency. The journal entry to record the distribution should be: Multiple Choice O Debit Peters, Capital $82.500; debit Chong, Capital $70,500; credit Cash $153.000. Debit Peters, Capital $96,000; debit Chong, Capital $57.000; credit Cash $153,000. O Debit Cash $153.000, debit Aaron, Capital $27.000. credit Peters. Capital $96,000, credit Chong. Capital $84.000. O Debit Cash $153,000: credit Peters, Capital $51.000: credit Chong. Capital $51,000. O Debit Peters, Capital $96.000; debit Chong, Capital $84,000: Credit Cash $180,000

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