Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Blossom Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 24,000 Accounts payable 27,500 (1,400) Salaries and wages payable 3,900 34,100 A. Jamison, capital 32.500 20,200 S. Moyer, capital 20,950 (5,900 P. Roper, capital 2,550 $100,900 $100,900 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. 2. 3. 4. A total of $51,450 was received from converting noncash assets into cash. Gain or loss on realization was allocated to partners. Liabilities were paid in full. P. Roper paid his capital deficiency. Cash was paid to the partners with credit balances. 5. (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 1. Cash 51450 Allowance for Doubtful Accounts 1400 Accumulated Depreciation-Equipment 5900 Loss on Realization Accounts Receivable 24000 Inventory 34100 Equipment 20200 2. A. Jamison, Capital v S. Moyer, Capital P. Roper, Capital Loss on Realization 3. Notes Payable Accounts Payable Salaries and Wages Payable Cash 4. Cash v P.Roper, Capital 5. A. Jamison, Capital S. Moyer, Capital Cash