This exercise do not have the liabilities.

Problem 12-03A a-c (Part Level Submission) (Video)

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

Oriole Company Balance Sheet May 31, 2020
Assets					Liabilities and Owners Equity
Cash		$28,400			Notes payable		$13,400
Accounts receivable		25,400			Accounts payable		27,500
Allowance for doubtful accounts		(1,500	)		Salaries and wages payable		3,800
Inventory		34,500			A. Jamison, capital		33,600
Equipment		21,000			S. Moyer, capital		20,600
Accumulated depreciationequipment		(5,900	)		P. Roper, capital		3,000
		$101,900					$101,900

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 $50,500 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.
5.		Cash was paid to the partners with credit balances.

(a)

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

No.	Account Titles and Explanation	Debit	Credit
1.