Problem 12-03A a-c (Part Level Submission) (Video) The partners in Sheridan Company decide to liquidate the firm when the balance sheet shows the following. Sheridan Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash $28,700 Notes payable $14,000 Accounts receivable 25,500 Accounts payable 27,500 Allowance for doubtful accounts (1,300) Salaries and wages payable Inventory 34,700 A. Jamison, capital 32,900 Equipment 20,700 S. Moyer, capital 22,750 Accumulated depreciation-equipment (5,100) P. Roper, capital 2,550 $103,200 $103,200 3,500 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $54,950 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) Your answer is correct. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Cash 54950 M Your answer is partially correct. Try again. Post to the cash and capital accounts. (Post entries in the order of jou Cash Bal. v 28,700.00 3 $ 45,000.00 Is x 54,950.00 4 1360 4 1360 X X 2 5 V 386500 Bal. 40010 S. Moyer, Capital x 5,865.00 3 22750 > > 5 UT 23125 X x IX 4 25006 (2) 25006 P. Roper, Capital X 2 3910 X 1360 MON Click if you would like to Show Work for this question: Open Show Work