Art, Music, and Creative Writing homework help

Art, Music, and Creative Writing homework help. Kendra, Cogley, and Mei share income and loss in a 3: 2: 1 ratio (K’ share is 3/6, C’s 2/6 and M’s 1/6). The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.KENDRA, COGLEY, AND MEIBalance Sheet May 31Assets Liabilities and Equity Cash . . . . . . . . . . . . $ 199,100 Accounts payable . . . . . . . . . . . . . $ 258,000 Inventory . . . . . . . . . 548,400 Kendra, Capital . . . . . . . . . . . . . . . 97,900Cogley, Capital . . . . . . . . . . . . . . . 220,275Mei, Capital . . . . . . . . . . . . . . . . . 171,325Total assets . . . . . . . $ 747,500 Total liabilities and equity . . . . . . . $ 747,500Prepare journal entries for:( a) the sale of inventory, ( b) the allocation of its gain or loss, ( c) the payment of liabilities at book value, and (d) the distribution of cash assuming the partnership’s inventory is sold for $625,200. (13 points).DateAccount NamesDebitCredit

Art, Music, and Creative Writing homework help