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 $8,500. At the date the partnership ceases operations, the balance sheet is as follows: Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $29,700 of the partnership's liabilities. c. Sold noncash assets for $299,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,800. f. Paid $6,700 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. Part B: Prepare a final statement of partnership liquidation. 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 $29,700 of the partnership's liabilities. c. Sold noncash assets for $299,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,800. f. Paid $6,700 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Journal entry worksheet 4 567 Record the initial distribution of available cash based on safe capital balance. Note: Enter debits before credits. Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation \begin{tabular}{|l|l|l|l|l|l|l|} \hline & Cash & Non-cash \\ Assets \end{tabular} Liabilities, Capital Required A Required B 3