Financial Accounting: E12-10 Prior to the distribution of cash to the partners, the accounts

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Financial Accounting
E12-10 Journalize transactions with a capital deficiency
Prior to the distribution of cash to the partners, the accounts in the NJF Company are:
Cash 28,000
Newell Capital (Cr.) 17,000
Jennings Capital (Cr.) 15,000
Farley Capital (Dr.) 4,000
The income ratios are 5:3:2, respectively

Instructions:
a. Prepare the entry to record: (1) Farley's payment of $4,000 in cash to the partnership and (2) The distribution of cash to the partners with credit balances.
(For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)
b. Prepare the entry to record: (1) The absorption of Farley's capital deficiency by the other partners and (2) The distribution of cash to the partners with credit balances.
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