Alex and Bess have been In partnership for many years. The partners, who share profits and losses on a $60$:$40$ basis, respectively,

wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $$9,500.$ At the date the parthership

ceases operations, the balance sheet is as follows:

Requlred:

Part A:

Prepare journal entrles for the following transactions that occurred in chronological order:

a$.$ Distributed safe cash payments to the partners.

b$.$ Pald $$26,700$ of the partnership's liabilitles.

c$.$ Sold noncash assets for $$194,500.$

d$.$ Distributed safe cash payments to the partners.

e$.$ Pald remaining partnership liabilitles of $$17,800.$

f$.$ Pald $$7,600$ In Ilquidation 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 I$$quidation$.$

Complete this question by entering your answers in the tabs below.

Prepare journal entries for the following transactions that occurred in chronological order:

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Distributed safe cash payments to the partners.