Alex and Bess have been In partnership for many years. The partners, who share profits and losses on a $70$:$30$ basis, respectlvely, wish

to retire and have agreed to IIquidate the business. Liquidation expenses are estimated to be $$4,000.$ At the date the partnership

ceases operations, the balance sheet is as follows:

Part A: Prepare journal entrles for the following transactions that occurred In chronological order:

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

b$.$ Pald $$20,700$ of the partnership's liabilitles.

c$.$ Sold noncash assets for $$115,500.$

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

e$.$ Pald remalning partnership liabilitles of $$13,800.$

f$.$ Pald $$2,900$ in Iiquidation 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 Ilquidation.

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 $$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.

Journal entry worksheet

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

Note: Enter debits before credits.