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 $$6,000.$ At the date the partnership ceases operations, the balance sheet is as follows: 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 Ilquidate the business. Liquidation expenses are estimated to be $$6,000.$ At the date the partnership

ceases operations, the balance sheet is as follows:

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

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

b$.$ Paid $$24,600$ of the partnership's llabilities.

c$.$ Sold noncash assets for $$121,000.$

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

e$.$ Paid remaining partnership liabilities of $$16,400.$

f$.$ Paid $$4,800$ 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 IIquidation. Answer is not complete.

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

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 $$24,600$ of the partnership's liabilities.

c$.$ Sold noncash assets for $$121,000.$

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

e$.$ Paid remaining partnership liabilities of $$16,400.$

f$.$ Paid $$4,800$ in liquidation expenses; no further expenses will be incurred.

g$.$ Distributed remaining cash held by the business to the partners.

Show less $4$

$\backslash$table$[[$No$,$Transaction,,,Debit,Credit$],[1,$a$.,$Bess, Capital,$0,5,000,],[,$Cash,$\backslash$theta $,,5,000],[2,$b$.,$Liabilities,$\backslash$theta $,24,600,],[,$Cash,$0,,24,600],[3,$c$.,$Cash,O$,121,000,],[,$Alex, Capital,$2,,7,700],[,$Bess, Capital,$0,,3,300],[,$Noncash assets,$0,,110,000],[4,$d$.,$Alex, Capital,$\backslash$theta $,84,700$ x$,],[,$Bess, Capital,$2,36,300\backslash$times $,],[,$Cash,$0,,121,000],[5,$e$.,$Liabilities,$\backslash$theta $,16,400?,],[,$Cash,$2,,16,400>],[6,$f$.,$Alex. Canital,$\backslash$theta $,3\mathrm{.}360$V$,],[,$Bess, Capital,Q$,1,440(,],[,$Cash,O$,,4,800],[7,$g$.,$Alex, Capital,$2,840?,],[,$Bess, Capital,$2,360?,],[,$Cash,$2,,1,200]]$ Part B: Prepare a final statement of partnership liquidation.

Answer is not complete.

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.$)$

$\backslash$table$[[$ALEX AND BESS PARTNERSHIP$],[$Statement of Partnership Liquidation$],[,$Cash,$\backslash$table$[[$Non$-],[$cash$],[$Assets$]],$Liabilities,$\backslash$table$[[$Alex$,],[$Capital$]],\backslash$table$[[$Bess$,],[$Capital$]]],[$Beginning balances$],[$Distribution to partners$],[$Paid liabilities$],[$Sold noncash assets$],[$Updated balances$],[$Distribution to partners$],[$Updated balances$],[$Paid liabilities$],[$Paid liquidation expenses$],[$Updated balances$],[$Distribution to partners$],[$Closing balances,,,,,$]]$

Cash $ $52,000$ Liabilities $ $41,000$

Noncash assets $110,000$ Alex, capital $77,000$

Bess, capital $44,000$

Total assets $ $162,000$ Total liabilities and capital $ $162,000$

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

Distributed safe cash payments to the partners.

Paid $$24,600$ of the partnership$$s liabilities.

Sold noncash assets for $$121,000.$

Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $$16,400.$

Paid $$4,800$ in liquidation expenses; no further expenses will be incurred.

Distributed remaining cash held by the business to the partners.

Part B: Prepare a final statement of partnership liquidation.