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 $$5,500.$ At the date the partnership ceases operations, the balance sheet is as follows:

Cash $ $51,000$ Liabilities $ $40,500$

Noncash assets $100,000$ Alex, capital $60,000$

Bess, capital $50,500$

Total assets $ $151,000$ Total liabilities and capital $ $151,000$

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

Distributed safe cash payments to the partners.

Paid $$24,300$ of the partnership$$s liabilities.

Sold noncash assets for $$110,500.$

Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $$16,200.$

Paid $$4,400$ in liquidation expenses; no further expenses will be incurred.

Distributed remaining cash held by the business to the partners.Prepare joumbl entries for the following transactions that occurred in chronological order: $($Do not round intermediate calculations. It no$.$

Prepare joumal entries for the following transactions that occurred in chronological order: $($Do not rou 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.

a$.$ Distributed cale casch payments to the partideris.

c$.$ Sold noncash assets for $$110,500.$

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

e$.$ Paid remairing partnership liabilities of $$16,200$

f$.$ Paid $$4,400$ in liquidation expenses; no further expenses wall be incurred.

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

Journal entry worksheet

Record the initial distribution of avaliable cash based on safe capital balance.

Nobe: Inter debita before credits.