Mary, Jack and Thomas Post-Closing Trial Balance November 30 Debit Balances Credit Balances Cash Noncash Assets Liabilities Mary, Capital Jack, Capital Thomas, Capital 2,950 54,950 13,400 7,300 13,950 23,250 57,900 57,900 Between December 1 and December 18, the noncash assets were sold for $27,400 and the liabilities were paid. Instructions 1. Assuming that the partner with the capital deficiency pays the entire amount owed to the partnership, prepare a statement of partnership liquidation. Journalize the entire to record (a) the sale of the assets, (b) the division of loss on the sale of the assets, (c) the payment of the liabilities, (d) the receipt of the deficiency, and (c) the distribution of cash to the partners 2