*Problem 12-03A a-c (Video) The partners in Pharoah Company decide to liquidate the firm when the balance sheet shows the following. Pharoah Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash $28,500 Notes payable $13,000 Accounts receivable 24,700 Accounts payable 27,400 Allowance for doubtful accounts (1,500) Salaries and wages payable 3,900 Inventory 34,600 A. Jamison, capital 33,500 Equipment 20,800 S. Moyer, capital 21,600 Accumulated depreciation equipment (5,000) P. Roper, capital 2,700 $102,100 $102,100 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 $52,900 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Uabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. 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 Dehit Credit Credit 1 3 2. 3 4 5 Past to the cash and capital accounts restries in the wider of walentres prested in the mous nart dog balance is in the con for the formal and for the Cash 5. Mover, Capital > A. Jamison, Capital - P. Roper, Capital Assume that Ropet is unable to pay the capital deficiency. (Credit account eithes are automatically indented when amount is entered. Do not inders manually.) (L) Prepare the entry to allocate Roper's debit balance to Jamison and Mover. (2) Prepare the entry to record the final distribution of cash No. Account Tities and Explanation Debit Credit 2