[The following information applies to the questions displayed below.) The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,800; Brown, $167,900; and Snow, $155,800. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $48,100 in partnership cash remained. QS 12-9 Part 1 1. Compute the capital account balance of each partner after the liquidation of assets and payment of creditors. (Losses and negative capital balances, if any, should be entered with a minus sign.) Total Snow Brown Field S 0 Initial investments Allocation of gains (losses) Capital balances $ The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,800: Brown, $167.900; and Snow. $155,800. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $18,100 in partnership cash remained. QS 12-9 Part 2 2. Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record(a) the cash payment to cover the deficit and (b) the final disbursement of cash to the partners View transaction list Journal entry worksheet > * 1 2 Record the payment of cash to cover the deficit. hotenter debits before credits Debit Credit General Journal Transaction Tad The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, 5131,800; Brown, $167,900, and Snow, $155,800. The partners decide to liquidate, sharing all losses equally. On May 31, after all assets were sold and all creditors were paid, only $48,100 in partnership cash remained. QS 12-9 Part 2 2. Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record (the cash payment to cover the deficit and (b) the final disbursement of cash to the partners View transaction list Journal entry worksheet 2 Record the disbursement of the remaining cash to the partner(s). Note Enter debts before credes Dehit General Journal Transaction Credit