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Partners Smith and Jones decide to close their business and share the profits equally. They sell the partnership's non-cash assets.The transactions for the sales are below:1. The merchandise inventory, which cost $45,000, was sold for $38,000.2. The office equipment, with a book value of $27,000 was sold for $29,000.Instructions:Record the transactions in a General Journal form.

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andreivillamil

Answer:

Explanation:

Realization a/c dr 72000

To inventory 45000

To office equipment 27,000

_____________________

inventory dr 38000

office equipment dr 29000

loss on realization dr 5000

To Realization a/c 72000

_____________________

Smith's capital dr 2500

Jones's capital dr 2500

To Loss on realization 5000

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