2. Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record (a) the cash recelved to cover the deficit and (b) the final disbursement of cash to the partners. Journal entry worksheet 2 Record the cash received to cover the deficit. Wote- friter debits bofore creds: 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners. Journal entry worksheet Record transfer of Field's deficit to the other partners. 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare joumal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners. Journal entry worksheet Record the final disbursement of cash to the partners. Wate: Eriter debits before c a dits. The Fleld, Brown \& Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, \$131,000; Brown, \$166,600; and Snow, \$154,800. On May 31 , the liquidation resulted in a loss of $405,000. QS 1213 (Algo) Part 1 1. Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative copital balances, if any, should be entered with a minus sign. 2. Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record (a) the cash tecelved to cover the deficit and (b) the final disbursement of cash to the partners. Journal entry worksheet Fecord the final disbursement of cash to the partners. Notes Enter debts before ordits