prepare the entry to allocate roper s debit balance to jamison and moyer 618593

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

CRAWFORD COMPANY Balance Sheet May 31, 2014 Don't use plagiarized sources. Get Your Custom Essay on prepare the entry to allocate roper s debit balance to jamison and moyer 618593 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay
Assets		Liabilities and Owners” Equity
Cash	$ 27,500	Notes payable	$ 13,500
Accounts receivable	25,000	Accounts payable	27,000
Allowance for doubtful accounts	(1,000)	Salaries and wages payable	4,000
Inventory	34,500	A. Jamison, capital	33,000
Equipment	21,000	S. Moyer, capital	21,000
Accumulated depreciationequipment	(5,500)	P. Roper, capital	3,000
	$101,500		$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.

A total of $51,000 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 deficiency.
Cash was paid to the partners with credit balances.

Instructions

(a)Prepare the entries to record the transactions.

(b)Post to the cash and capital accounts.

(c)Assume that Roper is unable to pay the capital deficiency.

(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.

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