a. and g. are incorrect and d. only cash is correct

Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $6,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 65,000 240,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 47,500 168,000 89,500 $ 305,000 Total assets $ 305,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $28,500 of the partnership's liabilities c. Sold noncash assets for $257.500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,000. f. Paid $5,100 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partnership liquidation. Record the initial distribution of available cash based on safe capital balance. Note: Enter debits before credits. Transaction General Journal Credit Debit 6,500 a. Bess, Capital Cash 6,500 Record the entry to distribute safe cash payments to the partners. Note: Enter debits before credits. General Journal Debit Credit Transaction d. Alex, Capital Bess, Capital Cash 180,250 77,250 257,500 Record the entry to distribute remaining cash held by the business to the partners. Note: Enter debits before credits. General Journal Credit Transaction g. Alex, Capital Bess, Capital Cash Debit 700 300 1,000