partnership liabilities and owner equities

ILLU FE R their balance sheet looked as follows: Cash Other Assets $ 800 19,200 Liabilities A. Jones, Capital C. Reston, Capital J. Sullivan, Capital Total Liab. + Equity $6,000 4,000 8,000 2.000 $20,000 Total Assets $20,000 Journalize the entries needed in the liquidation process under the following independent situations (assume a date of July 1, 20XX, for sale of assets and a date of July 15 to pay off liabilities and distribute cash that is left to the partners): Situation 1: Sold other assets for $26,200. Situation 2: Sold other assets for $17,800. Situation 3: Sold other assets for $10,800; Jones cannot cover his deficit. (For simplicity, round any calculations to the nearest dollar.) 17B-4. Jones, Reston, and Sullivan are liquidating their partnership. All losses and gains are shared in a 4:2:1 ratio (not based on investment). Before liquidation