cuestion 5 of 6 Cullumber Company Balance Sheet May 31, 2022 Assets Liabilities and Owners' Equity Cash $ 28,600 Notes payable $ 13,200 Accounts receivable 24,800 Accounts payable 26,800 Allowance for doubtful accounts (1,000) Salaries and wages payable 3,900 Inventory 34,200 A. Jamison, capital 32,900 Equipment 20,200 S. Moyer, capital 21,350 Accumulated depreciation-equipment (5,800) P. Roper capital 2,850 $ 101,000 $ 101,000 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the Homework (Fall 2021) 5.89/20 Question 5 of 6 $ 101.000 $ 101,000 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. A total of $ 50,550 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 4 5 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 50550 Allowance for Doubtful Accounts 1000 Accumulated Depreciation-Equipment 5800 Los on Realization 21850 Accounts Receivable Trwentory Equipment 10925 2. A Jamison Capital 6555 S. Moyer, Capital 4370 P. Roper, Capital Loss on Realization 13200 3. Notes Payable 26800 Accounts Payable 3900 Salaries and Wages Payable Cash 5. uestion 5 of 6 3900 Salaries and Wages Payable Cash 1520 4. Cash DOMINO P. Roper, Capital 21975 un A. Jamison, Capital 14795 S. Moyer, Capital Cash e Textbook and Media Attempts: 1 of 3 used Save forlater