Cullumber Company at December 31 has cash $20,200, noncash assets $106,000, liabilities $55,800, and the following capital balances: Floyd $46,200 and DeWitt $24,200. The firm is liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Cullumber Company decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

a.		The sale of noncash assets.
b.		The allocation of the gain or loss on realization to the partners.
c.		Payment of creditors.
d.		Distribution of cash to the partners.

	Account Titles and Explanation	Debit	Credit
a.	select an account title to record the sale of noncash assets LiabilitiesAccounts PayableNet (Loss) IncomeFloyd, DrawingsAccounts ReceivableAllowance for Doubtful AccountsFloyd, CapitalDepreciation ExpenseDeWitt, DrawingsEquipmentSalaries ExpenseNotes PayableDeWitt, CapitalGain on RealizationLoss on RealizationIncome SummaryAccumulated Depreciation - EquipmentNoncash AssetsCashInventory	enter a debit amount	enter a credit amount
	select an account title to record the sale of noncash assets Noncash AssetsFloyd, DrawingsLiabilitiesIncome SummaryCashLoss on RealizationFloyd, CapitalDeWitt, CapitalNotes PayableAllowance for Doubtful AccountsNet (Loss) IncomeInventoryAccounts PayableDepreciation ExpenseAccounts ReceivableAccumulated Depreciation - EquipmentSalaries ExpenseEquipmentDeWitt, DrawingsGain on Realization	enter a debit amount	enter a credit amount
	select an account title to record the sale of noncash assets Floyd, CapitalNet (Loss) IncomeDeWitt, DrawingsFloyd, DrawingsAccumulated Depreciation - EquipmentAllowance for Doubtful AccountsAccounts PayableEquipmentCashLiabilitiesDepreciation ExpenseNotes PayableInventoryDeWitt, CapitalAccounts ReceivableSalaries ExpenseLoss on RealizationNoncash AssetsIncome SummaryGain on Realization	enter a debit amount	enter a credit amount
b.	select an account title to record allocation of the gain or loss on realization to the partners Noncash AssetsLoss on RealizationSalaries ExpenseDepreciation ExpenseAccounts PayableAccounts ReceivableNotes PayableIncome SummaryNet (Loss) IncomeDeWitt, DrawingsInventoryAccumulated Depreciation - EquipmentCashEquipmentAllowance for Doubtful AccountsLiabilitiesFloyd, DrawingsDeWitt, CapitalGain on RealizationFloyd, Capital	enter a debit amount	enter a credit amount
	select an account title to record allocation of the gain or loss on realization to the partners InventoryNotes PayableAccumulated Depreciation - EquipmentEquipmentDeWitt, DrawingsNet (Loss) IncomeLoss on RealizationLiabilitiesCashFloyd, DrawingsDepreciation ExpenseAccounts PayableGain on RealizationNoncash AssetsDeWitt, CapitalAllowance for Doubtful AccountsAccounts ReceivableFloyd, CapitalSalaries ExpenseIncome Summary	enter a debit amount	enter a credit amount
	select an account title to record allocation of the gain or loss on realization to the partners LiabilitiesEquipmentAccounts PayableFloyd, DrawingsDeWitt, CapitalSalaries ExpenseDeWitt, DrawingsAllowance for Doubtful AccountsGain on RealizationLoss on RealizationDepreciation ExpenseCashAccumulated Depreciation - EquipmentNoncash AssetsAccounts ReceivableNet (Loss) IncomeFloyd, CapitalIncome SummaryNotes PayableInventory	enter a debit amount	enter a credit amount
c.	select an account title to record the payment of creditors Noncash AssetsAccumulated Depreciation - EquipmentDeWitt, DrawingsLiabilitiesAccounts ReceivableAllowance for Doubtful AccountsFloyd, DrawingsFloyd, CapitalGain on RealizationLoss on RealizationDeWitt, CapitalIncome SummaryAccounts PayableEquipmentInventoryDepreciation ExpenseNotes PayableCashSalaries ExpenseNet (Loss) Income	enter a debit amount	enter a credit amount
	select an account title to record the payment of creditors LiabilitiesFloyd, CapitalDeWitt, DrawingsIncome SummaryLoss on RealizationSalaries ExpenseAccounts ReceivableNet (Loss) IncomeDeWitt, CapitalDepreciation ExpenseFloyd, DrawingsAccumulated Depreciation - EquipmentAccounts PayableNotes PayableAllowance for Doubtful AccountsGain on RealizationEquipmentInventoryCashNoncash Assets	enter a debit amount	enter a credit amount
d.	select an account title to record distribution of cash to the partners DeWitt, CapitalAllowance for Doubtful AccountsInventoryLoss on RealizationNotes PayableSalaries ExpenseEquipmentFloyd, DrawingsGain on RealizationAccounts PayableNet (Loss) IncomeCashAccounts ReceivableFloyd, CapitalNoncash AssetsIncome SummaryLiabilitiesAccumulated Depreciation - EquipmentDepreciation ExpenseDeWitt, Drawings	enter a debit amount	enter a credit amount
	select an account title to record distribution of cash to the partners Gain on RealizationFloyd, CapitalInventoryNoncash AssetsDeWitt, CapitalDeWitt, DrawingsNet (Loss) IncomeAccounts PayableCashNotes PayableAccumulated Depreciation - EquipmentSalaries ExpenseAccounts ReceivableAllowance for Doubtful AccountsEquipmentLiabilitiesFloyd, DrawingsLoss on RealizationIncome SummaryDepreciation Expense	enter a debit amount	enter a credit amount
	select an account title to record distribution of cash to the partners Accounts ReceivableDepreciation ExpenseDeWitt, CapitalAllowance for Doubtful AccountsInventoryAccumulated Depreciation - EquipmentIncome SummaryCashDeWitt, DrawingsLoss on RealizationNet (Loss) IncomeFloyd, CapitalFloyd, DrawingsSalaries ExpenseNotes PayableNoncash AssetsEquipmentLiabilitiesGain on RealizationAccounts Payable	enter a debit amount	enter a credit amount