Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below] The Field, Brown \& Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, \$130,900; Brown, \$167,000; and Snow, \$155,500. On May 31, the liquidation resulted in a loss of $405,000. QS 12-13 (Algo) Part 3 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (o) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the parthers. Journal entry worksheet 2 Record transfer of Field's deficit to the other partners. Motei Fiter detits before crodits. Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.] The Field, Brown \& Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Fleld, \$130,900; Brown, \$167,000; and Snow, \$155,500. On May 31, the liquidation resulted in a loss of $405,000. QS 12-13 (Algo) Part 3 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (d) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners. Journal entry worksheet Record the final disbursement of cash to the partners. Wote: Enter debits before credits