Agarwal, Bergeron, and Cishek have been in partnership for a number of years. The partners allocate all profits and losses on a 3:3:2 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: $ $ Cash Liabilities 14,000 58,000 Accounts receivable 87,000 Agarwal, capital 28,000 Inventory 80,000 Bergeron, capital 78,000 Land, building, and 32,000 Cishek, capital 49,000 equipment (net) $ Total assets 213,000 Total liabilities and capital $ 213,000 Required: Prepare journal entries for the following transactions: Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Sold all inventory for $59,000 cash. b. Paid $8,400 in liquidation expenses. c. Paid $43,000 of the partnership's liabilities. d. Collected $51,000 of the accounts receivable. e. Distributed safe payments of cash; the partners anticipate no further liquidation expenses. 1. Sold remaining accounts receivable for 30 percent of face value. g. Sold land, building, and equipment for $20,000. h. Paid all remaining liabilities of the partnership. 1. Distributed cash held by the business to the partners. (Ctrl) < 1 2 3 4 5 Record the sale of inventory. Note: Enter debits before credits. Transaction 6 7 8 6 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2m 3 4 5 6 7 8 9 Record the cash paid for liquidation expenses. Note: Enter debits before credits. Transaction b. General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 4 5 6 7 8 9 < 1 2 Record the settlement of liabilities. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 CA 5 6 7 8 9 Record the cash received from accounts receivables. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Record entry Clear entry View general journal > View transaction fist Journal entry worksheet < 1 2 3 4 6 7 8 9 > Record the distribution of safe cash to partners. Note: Enter debits before credits. Transaction e. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 7 8 9 > Record the cash received from balance accounts receivables. Note: Enter debits before credits. Transaction f. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 50 6 8 9 > Record the cash received from sale of land, building and equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the settlement of balance liabilities. Note: Enter debits before credits. Transaction h. 6 General Journal Debit Credit > View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 8 9 J Record the distribution of cash in hand to partners. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal