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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

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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 $9,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 70,000 290,000 Liabilities Alex, capital Bess, capital $ 50,000 203,000 107,000 Total assets $360,000 Total liabilities and capital $ 360,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $30,000 of the partnership's liabilities. c. Sold noncash assets for $310,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $20,000. f. Paid $7.100 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners.

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