Harry,Tony,and Liza Run a Partnership Firm

Multiple Choice

Harry,Tony,and Liza run a partnership firm.In the process of liquidation,the partnership sells non-cash assets,having a book value of $78,000,for $86,000.Which of the following is true of the journal entries?

A) Cash will be credited by $8,000.
B) Non-cash assets will be credited for $86,000.
C) Cash will be credited for $78,000.
D) Non-cash assets will be credited for $78,000.