The partners in Blossom Company decide to liquidate the firm when the balance sheet shows the following.

Problem 12-03A a-c (Video) The partners in Blossom Companyr decide to liquidate the rm when the balance sheet shows the following. Blossom Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash $28,000 Notes payable $13,000 Accounts receivable 24,000 Accounts payable 26,500 Allowance for doubtful accounts (1,000) Salaries and wages payable 3,500 Inventory 34,000 A. Jamison, capital 32,000 Equipment 20,000 S. Moyer, capital 22,?50 Accumulated depreciationequipment (5,000) P. Roper, capital 2,250 m m The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. A total of $54,750 was received from converting noncash assets into cash. Gain or loss on realization was allocated to partners. Liabilities were paid in full. P. Roper paid his capital deciency. Cash was paid to the partners with credit balances. F'PPNE' No. Account Titles and Explanation Debit Credit 1. Cash Allowance for Doubtful Accounts Accumulated Depreciation-Equipment oss on Realization Accounts Receivable Inventory Equipment A. Jamison, Capita S. Moyer, Capital P. Roper, Capital Loss on Realization 3. Notes Payable Accounts Payable Salaries and Wages Payable Cash Cash P. Roper, Capital 5. A. Jamison, Capital S. Moyer, Capital Cashx Your answer is incorrect. Try again. Post to the cash and capital accounts. (Post entries in the order of journal entries presented in the previous part. If ending balance is 0 enter 0 in the column for the normal balance for the account.) Cash S. Moyer, Capital A. Jamison, Capital P. Roper, Capital -XYour answer is partially correct. Try again. Assume that Roper is unable to pay the capital deficiency. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) Prepare the entry to allocate Roper's debit balance to Jamison and Moyer. (2) Prepare the entry to record the final distribution of cash. No. Account Titles and Explanation Debit Credit 1. A. Jamison, Capital S. Moyer, Capital P. Roper, Capital 2. A. Jamison, Capital 5. Moyer, Capital Cash