The partners inCullumberCompany decide to liquidate the firm when the balance sheet shows the following.

CullumberCompany

Balance Sheet

May 31, 2020

Assets Liabilities and Owners' Equity

Cash $28,600 Notes payable. $13,200

Accounts receivable 24,800 Accounts payable. 26,800

Allowance for doubtful accounts(1,000) Salaries and wages payable 3,900

Inventory 34,200 A. Jamison, capital 32,900

Equipment 20,200 S. Moyer, capital 21,350

Accumulated depreciationequipment (5,800) P. Roper, capital 2,850

$101,000 $101,000

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 $50,550was 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.

5.Cash was paid to the partners with credit balances.

Prepare the entries to record the transactions.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation Debit Credit

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