Current Attempt in Progress The partners in Cullumber Company decide to liquidate the firm when the balance sheet shows the following Cullumber Company Balance Sheet May 31, 2022 Assets Liabilities and Owners'Equity Cash $28,600 Notes payable $ 13,200 24,800 26,800 Accounts receivable Allowance for doubtful accounts Inventory (1,000) Accounts payable Salaries and wages payable A Jamison, capital 3,900 34,200 32,900 Equipment 20,200 S. Moyer, capital 21,350 Accumulated depreciation equipment (5.800 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 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 pald his capital de ciency Cash was paid to the partners with credit balances 4 5 (a) - /20 (a) Prepare the entries to record the transactions. (Credit account titles are automatically Indented when amount is entered. Do not Indu manually.) No. Account Titles and Explanation Debit Credit 1. Question 5 of 6 3. DOLL 0 D $ 4 % 5 & 7 * 8 6 2 3 t y L e w j h d f g S m