Please answer correctly ( i would be more than happy to give it a thumbs up) ignore predone work

Instructions After the accounts are closed on February 3, prior to liquidating the partnership, the capital accounts of William Gerlot, Joshua Chu, and Courtney Jewett are $19,660. $4,200 and $22,060, respectively, Cash and noncash assets to $5,060 and $56,300, respectively. Amounts owed to creditors total $15,440. The partners share income and fosses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $34,700, the partner with the capital deficiency pays the deficiency to the partnership, and the abilities are paid Required: 1. Prepare a statement of partnership liquidation indicating (a) the sale of assets and division of loss, (b) the payment of Habilities, (c) the recipe of the deficiency (from the appropriate partner), and (d) the distribution of cash. Refer to the dists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those bones in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, distons of loss), use a minus sign. If there is no amount to be reported for torres (a)-(, the cell can be left blank. However, in the balance rows, a balance of rero MUST be indicated by entering 2. Assume the partner with the capital deficiency declares barnkruptcy and is unable to pay the deficiency. Joumalize the entries on Feb. 29 to (a) allocate the power's deficiency and (b) distribute the remaining cash. Refer to the Chart of Accounts for exact wording of accountitles CHART OF ACCOUNTS Gerloff, Chu, and Jewett General Ledger ASSETS REVENUE 110 Cash 410 Revenues 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 113 Allowance for Doubtful Accounts EXPENSES 114 Interest Receivable 510 Cost of Merchandise Sold 115 Notes Receivable 116 Inventory 520 Salary Expense 521 Advertising Expense 522 Depreciation Expense-Building 523 Depreciation Expense-Equipment 117 Supplies 118 Office Supplies tatement of partnership liquidation Instructions Chart of Accounts Labels and Amount Descriptions Chart of Accounts 119 Prepaid Insurance 526 Repairs Expense 529 Selling Expenses 120 Land 123 Building 531 Rent Expense 533 Insurance Expense 124 Accumulated Depreciation-Building 125 Equipment 126 Accumulated Depreciation Equipment 534 Supplies Expense 535 Office Supplies Expense 129 Asset Revaluations 536 Credit Card Expense 133 Patent 537 Cash Short and Over LIABILITIES 538 Property Tax Expense 539 Miscellaneous Expense 710 Interest Expense 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 William Gerloff, Capital 311 William Gerloff, Drawing 312 Courtney Jewett, Capital 313 Courtney Jewett, Drawing 314 Joshua Chu, Capital 315 Joshua Chu, Drawing Labels and Amount Descriptions Labels For Period February 3-28 For the Year Ended February 28 Amount Descriptions Balances after payment of liabilities Balances after realization Balances before realization Capital additions Cash distributed to partners Final balances Less partner withdrawals Net income for the year Payment of liabilities Receipt of deficiency Sale of assets and division of loss Score: 60/2 Gerlot, Chu and Jewett Statement of Partnership Liquidation (Label) Capital, Chu (1/4) Cash Noncash Assets Labilities Capital Gerton (2/4) Gapital.len (114 > > Balances before realization Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Receipt of deficiency Balances Cash distributed to partners 0 Final balances Journal Shaded cells have feedback 2. Assume the patriar with the capital deficiency decres bankruptcy and is unable to pay the deficiency Journalize the entries on Feb 28 to (a) allocate the partners deficiency and (b) distribute the remaining cash. Refer to the Chart of Accounts for exact wording of account tres Questions not attempted. PAGE 10 JOURNAL Score: 0/75 ACCOUNTING EQUATION DATE DESCRIPTION POST REY DET CREDIT ETS LALITIES EQUITY