Cullumber Company wishes to liquidate the firm by distributing the companys cash to the three partners. Prior to the distribution of cash, the companys balances are Cash $65,300; Oakley, Capital (Cr.) $49,500; Quaney, Capital (Dr.) $23,100; and Ellis, Capital (Cr.) $38,900. The income ratios of the three partners are 3 : 3 : 4, respectively. Prepare the entry to record the absorption of Quaneys capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Cullumber Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $65,300; Oakley, Capital (Cr.) $49,500; Quaney, Capital (Dr.) $23,100; and Ellis, Capital (Cr.) $38,900. The income ratios of the three partners are 3:3 : 4, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Account Titles and Explanation x Oakley, Capital X 6930 Ellis, Capital 15560 x Quaney, Capital 14850 (To record write-off of capital deficiency) Oakley, Capital 495001 Ellis, Capital 23100 Cash 65300 (To record distribution of cash of partners)