March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 2:3:1 basis, respectively. Recently, each partner has become personally insol¬ vent and, thus, the partners have decided to liquidate the business in hope of remedying their per¬ sonal financial problems. As of September 1, 2009, the partnership’s balance sheet is as follows:

Cash.$ 11,000 Accounts receivable . 84,000 Inventory. 74,000 Land, building, and equipment (net). 38,000 Total assets. $207,000 Liabilities. $ 61,000 March, capital. 25,000 LO6 April, capital. 75,000 May, capital.46,000 Total liabilities and capital .... $207,000 Prepare journal entries for the following transactions:

a. Sold all inventory for $56,000 cash.

b. Paid $7,500 in liquidation expenses.

c. Paid $40,000 of the partnership’s liabilities.

d. Collected $45,000 of the accounts receivable.

e. Distributed safe cash balances; the partners anticipate no further liquidation expenses. f Sold remaining accounts receivable for 30 percent of face value.
g. Sold land, building, and equipment for $ 17,000.
/?. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners.