P 17-11 Installment liquidation The adjusted trial balance of the Jee, Moe, and Ole partnership at December 31, 2016, is as follows:

Cash $ 50,000 Accounts receivable—net 100,000 Nonmonetary assets 800,000 Expenses 400,000 Total debits $1,350,000 Accounts payable $ 80,000 Jee capital 250,000 Moe capital 450,000 Ole capital 370,000 Revenue 200,000 Total credits $1,350,000 592 CHAPTER 17 ADDITIONAL INFORMATION 1. Partnership profits are divided 20 percent, 40 percent, and 40 percent to Jee, Moe, and Ole, respectively, after salary allowances of $25,000 each to Jee and Moe for time devoted to the business.

2. Due to the disastrous results of 2016, the partners agreed to liquidate the business as soon as possible after January 1, 2017, and to distribute available cash on a weekly basis.

3. During the first week in January, $85,500 was collected on the accounts receivable, and cash was distributed on January 8, 2017.

REQuIRED 1. Prepare the journal entries to close the partnership books at December 31, 2016.

2. Develop a cash distribution plan for the partnership as of January 1, 2017.

3. Prepare a cash distribution schedule for the January 8, 2017, distribution of available cash.