The partners in Blossom Company decide to liquidate the firm when the balance sheet shows the following Blossom Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash $29,500 Notes payable $13,800 Accounts receivable 25,000 Accounts payable 26,600 Allowance for doubtful accounts (1,100) Salaries and wages payable 3.500 Inventory 34,800 A. Jamison, capital 32,000 Equipment 22,000 S. Moyer, capital 25,500 Accumulated depreciation-equipment (5.800) R. Roper, capital 3,000 $104,400 $104,400 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 $51,900 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. S. Cash was paid to the partners with credit balances. ment Prepare the entries to record the transactions. (Credit account titles are automatically inden No. Account Titles and Explanation Debit Credit 1. Cash 51900 Allowance for Doubtful Accounts 1000 > Accumulated Depreciation-Equipment 5800 Loss on Realization Accounts Receivable 25000 Inventory 34800 Equipment 22000 2. A. Jamison, Capital S. Moyer, Capital P. Roper, Capital bui Loss on Realization 3. Notes Payable 13800 Accounts Payable 26600 Salaries and Wages Payable 3500 Cash 43900 4. Cash P. Roper, Capital X 5. A. Jamison, Capital S. Moyer, Capital Cash Click if vold tilat ohn