Please show debits/credits 1. John and Ted are equal partners in and aircraft salvage...
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Accounting
Please show debits/credits
1. John and Ted are equal partners in and aircraft salvage business operating as a general partnership. The balance sheet for December 31, 2018 is as follows: John & Ted's Aircraft Salvage Partnership Balance Sheet as of 12/31/18 Assets: Cash Inventory $ 60,000 $ 30,000 Total Assets $ 90,000 Liabilities Citi-Bank Loan $50,000 Partner's Equity John Ted $ 30,000 $ 10,000 Total Liabilities and Partner's Equity $ 90,000 During 2019 the partnership had the following transactions: A John and Ted each drew $10,000 out of the partnership. B The partnership paid $30,000 of principal and $2,000 interest on the Citi-Bank Loan. The sole business conducted during 2018 was the sale of $ 10,000 of inventory for $ 42.000. D The partnership purchased a truck at the end of the year for $10,000. Please prepare a balance sheet for December 31, 2019 on the next page
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