The partners in Cullumber Company decide to liquidate the firm when the balance sheet shows the...

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The partners in Cullumber Company decide to liquidate the firm when the balance sheet shows the following. Cullumber Company Balance Sheet May 31, 2022 Assets Liabilities and Owners' Equity Cash $28.900 Notes payable $13.100 Accounts receivable 24,600 Accounts payable 26,700 Allowance for doubtful accounts (1,200 ) Salaries and wages payable 4,100 Inventory 34,500 A. Jamison, capital 32,500 Equipment 21,500 S. Moyer. capital 23,650 Accumulated depreciation-equipment (5,700 ) P. Roper, capital 2,550 $102,600 $102,600 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. assets DeWitt $20,000 The firm assets. Floyd and the Witt inc 1. A total of $54,150 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. > > > F > The partners in Cullumber Company decide to liquidate the firm when the balance sheet shows the following. Cullumber Company Balance Sheet May 31, 2022 Assets Liabilities and Owners' Equity Cash $28.900 Notes payable $13.100 Accounts receivable 24,600 Accounts payable 26,700 Allowance for doubtful accounts (1,200 ) Salaries and wages payable 4,100 Inventory 34,500 A. Jamison, capital 32,500 Equipment 21,500 S. Moyer. capital 23,650 Accumulated depreciation-equipment (5,700 ) P. Roper, capital 2,550 $102,600 $102,600 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. assets DeWitt $20,000 The firm assets. Floyd and the Witt inc 1. A total of $54,150 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. > > > F >