3 years ago

When a partnership is liquidated, the journal entry to pay the claims of creditors would include a debit to

1 answer:

4 0

When a partnership is liquidated, the journal entry to pay the claims of creditors would include a debit to:

B.) each individual creditor and a credit to cash.

When you liquidate a partnership, liabilities must be paid off before partner's investments can be returned to them. In this way, all creditors will be satisfied even if the partner's capital experienced a loss.

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