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 $29,200 Notes payable $13,500 Accounts receivable 25,400 Accounts payable 26,500 Allowance for doubtful accounts (1,000) Salaries and wages payable 4,000 Inventory 34,400 A. Jamison, capital 33,900 Equipment 20,300 S. Moyer, capital 22,900 Accumulated depreciation equipment (5,100) P. Roper, capital 2,400 $103,200 $103,200 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 $55,600 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. Post to the cash and capital accounts. (Post entries in the order of journal entries presented in the previous part. If ending balance is enter in the column for the normal balance for the account.) Cash > > S. Moyer, Capital A. Jamison, Capital Son 815