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 $8,000. At the date the partnership ceases operations, the balance sheet is as follows:

Cash$68,000

Noncash assets 270,000

Total assets$338,000

Liabilities$49,000

Alex, capital 189,000

Bess, capital 100,000

Total liabilities and capital$338,000

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

1. Distributed safe cash payments to the partners.
2. Paid $29,400 of the partnerships liabilities.
3. Sold noncash assets for $289,000.
4. Distributed safe cash payments to the partners.
5. Paid remaining partnership liabilities of $19,600.
6. Paid $6,300 in liquidation expenses; no further expenses will be incurred.
7. Distributed remaining cash held by the business to the partners.