ment CALCULATOR FULL SCR The partners In Blossom Company decide to liquidate the firm when the balance sheet shows the following. Blossom Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash $29,500 Notes payable $13,800 Accounts receivable 25,000 Accounts payable 26,600 Allowance for doubtful accounts (1,100) Salaries and wages payable 3,500 Inventory 34,800 A. Jamison, capital 32,000 Equipment 22,000 S. Moyer, capital 25,500 Accumulated depreciation- equipment (5,800) P. Roper, capital 3,000 $104,400 $104,400 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the follow 1. A total of $51,900 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. (a)No. Account Titles and Explanation Debit Credit 1. Cash 51900 Allowance for Doubtful Accounts 1100 Accumulated Depreciation-Equipment 5800 2