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 Total liabilities and capital $ 50,000 205,000 107.000 $ 360,000 Total assets $360,000 Part A: Prepare journal entries for the following transactions 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 $7100 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 Complete this question by entering your answers in the tabs below. Required A Required Prepare Journal entries for the following transactions Do not found intermediatellations transaction/event, select No Journal entry required the account Mode no entry is required for a a. Distributed safe cash payments to the partners. b. Paid $30,000 of the partnership's abilities, c. Sold noncash assets for $310,000 d. Distributed safe cash payments to the partners e. Pald remaining partnership liabilities of $20,000 1. Paid $7,100 in liquidation expenses no further expenses will be incurred g. Distributed remaining cash held by the business to the partners. transaction/event, sere NO joullar entry requirements du er.) 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. View transaction list View journal entry worksheet E No Transaction General Journal Debit Credit 1 a Bess, Capital Cash 2 b Liabilities Cash 3 . Cash Noncash assets Loss on noncash assets 4 d Alex, Capital Bess, Capital Cash 5 e Liabilities Cash 6 f. Liquidation expenses Cash 7 9 Alex Capital Bess, Capital Liquidation expenses