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 $4,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 45,000 105,000 Liabilities $ 34,500 Alex, capital Bess, capital 73,500 42,000 Total assets $ 150,000 Total liabilities and capital $ 150,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $20,700 of the partnership's liabilities. c. Sold noncash assets for $115,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $13,800. f. Paid $2,900 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B 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 $20,700 of the partnership's liabilities. c. Sold noncash assets for $115,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $13,800. f. Paid $2,900 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. No 1 Transaction General Journal a. Bess, Capital Cash 2 b. Liabilities Cash 3 C. Cash Noncash assets Alex, Capital Bess, Capital 4 d. Bess, Capital Alex, Capital Cash 5 e. Liabilities Cash 6 f. Alex, Capital 7 g- Bess, Capital Cash Alex, Capital Bess, Capital Cash Required A Required B > Debit Credit 6,500 6,500 20,700 20,700 115,500 105,000 7,350 3,150 37,356 x 78,144 115,500 13,800 13,800 2,030 670 X 2,900 424 x 676 X 1,100 Show less