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 $8,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 69,000 280,000 Liabilities Alex, capital Bess, capital $349,000 Total liabilities and capital Total assets $ 49,500 168,000 131,500 $349,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $29,700 of the partnership's liabilities. c. Sold noncash assets for $299,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,800. f. Paid $6,700 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a final ratement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) Required A Required Prepare journal entries for the following transactions that occurred in chronological order: (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. Distributed safe cash payments to the partners. b. Paid $29,700 of the partnership's liabilities. Sold noncash assets for $299,500. d. Distributed safe cash payments to the partners. e. Peid remaining partnership liabilities of $19,800. F. Paid $6,700 in liquidation expenses; no further expenses will be incurred. 9. Distributed remaining cash held by the business to the partners. Journal entry worksheet 1 5 6 7 Record the initial distribution of available cash based on safe capital balance. Note: Enter debits before credits Transaction General Journal Debit Credit Show less & Complete this question by entering your answers in the tabs below. Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) ALEX AND BESS PARTNERSHIPP Statement of Partnership Liquidation Beginning balances Distribution to partners Paid liabilties Sold noncash assets Updated balances Distribution to partners Updated balances Paid liablities Paid liquidation expenses Updated balances Distribution to partners Closing belances Cash Nonh Cequired A Liabilities Alex, Capital Bess, Capital Help Save & Exit Submi Check my work