The partnership of Jones, Rains, and Sussman is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation their balance sheet looks as follows:

Journalize the entries needed in the liquidation process under the following independent situations and assume a date of February 1, 201X, for sale of assets and a date of February 15 to pay off liabilities and distribute cash to partners:

Situation 1: Sold other assets for $33,300.

Situation 2: Sold other assets for $6,600.

Situation 3: Sold other assets for $2,100. Sussman cannot cover his deficit.

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Cash $22,200 Liabilities $ 6,050 Other Assets A.Jones, Capital C. Rains, Capital J. Sussman, Capital 14,700 11,100 18,000 1,750 Total Assets $36,900 Total Liab. & Equity $36,900