CALCULATOR FULL SCREEN PRINTER VERSION BACK Problem 12-03A a-c (Video) The partners in Sheridan Company decide to liquidate the firm when the balance sheet shows the following. Sheridan Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation equipment $29,200 Notes payable 25,400 Accounts payable (1,000) Salaries and wages payable 34,400 A. Jamison, capital 20,300 S. Moyer, capital (5,100) P. Roper, capital $13,500 26,500 4,000 33,900 22,900 2,400 $103,200 $103,200 e partners share income and loss 5:3: 2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $55,600 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 1. Debit Credit