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Prior to the distribution of cash to the partners, the accounts in the Oriole Company...

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Accounting

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Prior to the distribution of cash to the partners, the accounts in the Oriole Company are Cash $ 34,000; Vogel, Capital (Cr.) $ 22,000; Utech, Capital (Cr.) $ 20,000; and Pena, Capital (Dr.) $ 8,000. The income ratios are 5:3:2, respectively. Oriole Company decides to liquidate the company. (a) Your answer is correct. Prepare the entry to record (1) Pena's payment of $ 8,000 in cash to the partnership and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) Cash 8,000 Pena, Capital 8,000 (2) Vogel, Capital 22,000 Prepare the entry to record (1) the absorption of Pena's capital deficiency by the other partners and (2) the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2)

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