Required information QS 12.9 Liquidation of partnership LO P5 [The following information opplies to the questions displayed below] The Field, Brown \& Snow partnership was begun with investments by the partners as follows. Field, \$129,800, Brown. $165,700, and Snow, $154,700. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $44,300 in partnership cash remained 25129 Part 2 2. Assume that the partner with a deficit pays cash to cover the deficit. Piepare the journal entries on May 31 to record (a) the cash bayment to cover the defict and (b) the final disbursement of cash to the partners. Journal entry worksheet Record the payment of cash to cover the deficit. Note: Enter debits before credits. 3. Assume that the partner with a deficit does not reimburse the partnership. Yrepare journal entries (a) to transter the deficit to the other partners and (b) to record the final disbursement of cash to the partners Journal entry worksheet Record the transfer of the defict to the other partner(s). liote inter debus beforecrediti