Weygandt, Accounting Principles, 12e Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment Open Assignment ASSIGNMENT RESOURCES 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 Assets Liabilities and Owners' Equit Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment $13,700 27,200 3,500 32,400 24,150 2,550 $103,500 $29,100 Notes payable Exercise 12-10 25,400 Accounts payable (1,300) Salaries and wages payable 34,300 A. Jamison, capital 21,000 S. Moyer, capital (5,000) P. Roper, capital 2- Problem 12-3 Review Results by Study Objective Total $103,500 Total 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 $54,850 was received from converting noncash assets into cash 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in ful 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. Your answer is partially correct. Try again. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)