prepare the entries to record the transactions.

Problem 12-3A The partners in Crawford Company decide to liquidate the firm when the balance sheet shows the following CRAWFORD COMPANY Balance Sheet May 31, 2017 Liabilities and owners' Equity Assets $13,300 Cash $28,400 Notes payable Accounts receivable 25,600 Accounts payable 27,400 4,100 Allowance for doubtful accounts (1,300) Salaries and wages payable 34,100 A. Jamison, capital 33,900 Inventory Equipment 20,500 S. Moyer, Capital 20,750 (5,600) P. Roper, capital 2,250 Accumulated depreciation-equipment $101,700 Total Total $101,700 The 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 $56,050 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