A as SA ab Problem 12-03A a (Part Level Submission) (Video) The partners in Sheridan Company decide to date the firm when the balance sheet shows the following Sheridan Company Balance Sheet May 31, 2020 Assets Tiabilities and Owners' quity Cash $29,200 Notes petite $13,500 Accounts receivable 25,400 Accounts payable 26,500 Allowance for doubtful accounts (1.000) Salaries and wages payable 4.000 Inventory 34.400 A. Jamison, capital 33,900 Equipment 20,300 S Meyer, cal 22,900 Accumulated depreciation equipment (5,100) R Rapet, capital 2,400 $10.3.200 $103,200 abmission) lea bmission 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 $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. Roper paid his capital deficiency 5. Cash was paid to the partners with credit balances. y Study (a) 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 Debit Credit