Accounting-The partnership of A, B, and C has the following account balances

| January 30, 2017

Question
Exercise

The partnership of A, B, and C has the following account balances:

– Cash $40,000

– Note Receivable from B $10,000

– Other assets $50,000

– Note Payable to C: $20,000

– Other liabilities: $20,000

– A Capital: $30,000

– B Capital: $50,000

– C Capital: $(20,000)

If partners are to receive cash in installments, as if becomes available, how should the cash be distributed at this time? Give any necessary journal entries and show all calculations.

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