The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field. $131500, Brown. $165,400; and Snow. $155,000. On May 31, the liquidation resulted in a loss of $407700. QS 12-13 (Algo) Part 2 2. Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May 31 to record the cash received to cover the deficit and the final disbursement of cash to the partners, View transaction list Journal entry worksheet < 1 2 Record the cash received to cover the deficit Note Entes det before credits Ceneral Journal Debit Credit Transaction (a)

We would need to perform the following calculations to determine each partner's capital account balance following the liquidation of assets and payment of creditors:

Field Brown Snow Total

Initial Expenditure $131,700 $167,700 $155,400 454,800

Distribution of total losses: 135,900, 135,900, 135,900, 407,700

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