CALCULATOR Problem 12-03A a-c (Part Level Submission) (Video) The partners in Pharoah Company decide to liquidate the firm when the balance sheet shows the following PRINTER VERSION BACK NEXT Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Pharoah Company Balance Sheet May 31, 2020 Liabilities and Owners' Equity $29,900 Notes payable $13,500 25,500 Accounts payable 26,700 (1,100) Salaries and wages payable 3,800 35,000 A. Jamison, capital 32,600 20,900 S. Moyer, capital 25,800 (5,300) P. Roper, capital $104.900 $104,900 2.400 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 $56,600 was received from converting noncash assets into cash 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full 4. P. Roper paid his capital deficiency 5. Cash was paid to the partners with credit balances. Your answer is correct. Prepare the entries to record the transactions. (Credit account tities are automatically indented when amount is entered. Do not indent manually AJOS 20 M IN DO B. wx] ? JU (a) CALCULATOR PRINTER VERSION BACK NEXT Your answer is correct. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. I Cash Allowance for Doubtful Accounts Accumulated Depreciation-Equipment I Loss on Realization 1 Accounts Receivable IT 25500 Inventory T OT 35000 Equipment 2. TA Jamison, Capital 92001 5520 Moyer, Capital P. Roper, Capital Aj 9 0 20 YN BOB. x$?LU JUILLTOP Bronx Community College Loss on Realization CALCULATOR PONTE VERSION MACK MET Notes Payable 1 Accounts Payable Salaries and Wages Payable ages Payable Cash LW 3800 LLLLLLL 44100 Cash 1 P. Roper, Capital el TA. Jamison, Capital 23400T TS. Moyer, Capital On Cash 43680 Click if you would like to Show Work for this questioni Open Show Work SHOW SOLUTION LINK TO TEXT ? BAJO 9 M 20 UNDO B. w*] 5 O Assume that Roper is unable to pay the capital deficiency. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) (1) Prepare the entry to allocate Roper's debit balance to Jamison and Moyer. (2) Prepare the entry to record the final distribution of cash. No. Account Tities and Explanation Debit Click if you would like to show Work for this questions Doen Show wo LINK TO TEXT