The partners in crawford company decide to liquidate the firm when the balance sheet shows the following.

Crawford COMPANY BALANCE SHEET MAY 31 2014 A

ASSETS

Cash	27,500
A/R	25,000
Allown 4 doubtufl acc	(1000)
Inventory	34,500
Equipment	21,000
Accumulated Depreciation	(5,500)

Liabilities and Owners Equilty

Notes payable	13,500
A/P	27,00
Salaries and Wages payable	4,000
a. Jamison, capital	33,000
S. Moyer, capital	21,000
P. Roper, capital	3,000
	101,500

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 $51,000 was recived from converting noncash assets into cash

2. Gain or loss on realization was allocated to partners

3. Liabilites were paind in full

4. P. Rober paid his capital deficiency

5. Cash was paid to the partners with credit balances

Instructions

(B) Post to the cash and capital accounts