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March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 3:3:2 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in nopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: $ $ Cash Accounts receivable Inventory Land, building, and equipment (net) Total assets 16,000 94,000 85,000 43,000 238,000 Liabilities March, capital April, capital May, capital Total liabilities and capital 74,000 33,000 80,000 51,000 238,000 $ $ Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a Fransactionlevant select "No journal entry required in the first account field e. Distributed safe cash balances; the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 20 percent of face value g. Sold land, building, and equipment for $22,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners. March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 3.3.2 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: $ $ Cash Accounts receivable Inventory Land, building, and equipment (net) Total assets 16,000 94,000 85,000 43,000 Liabilities March, capital April, capital May, capital Total liabilities and capital 74,000 33,000 80,000 51,000 238,000 $ Prepare journal entries for the following transactions: (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. Sold all inventory for $61,000 cash. b. Paid $9,000 in liquidation expenses. c. Paid $45,000 of the partnership's liabilities. d. Collected $55,000 of the accounts receivable e. Distributed safe cash balances, the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 20 percent of face value. g. Sold land, building, and equipment for $22,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners. March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 3:3:2 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in nopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: $ $ Cash Accounts receivable Inventory Land, building, and equipment (net) Total assets 16,000 94,000 85,000 43,000 238,000 Liabilities March, capital April, capital May, capital Total liabilities and capital 74,000 33,000 80,000 51,000 238,000 $ $ Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a Fransactionlevant select "No journal entry required in the first account field e. Distributed safe cash balances; the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 20 percent of face value g. Sold land, building, and equipment for $22,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners. March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 3.3.2 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: $ $ Cash Accounts receivable Inventory Land, building, and equipment (net) Total assets 16,000 94,000 85,000 43,000 Liabilities March, capital April, capital May, capital Total liabilities and capital 74,000 33,000 80,000 51,000 238,000 $ Prepare journal entries for the following transactions: (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. Sold all inventory for $61,000 cash. b. Paid $9,000 in liquidation expenses. c. Paid $45,000 of the partnership's liabilities. d. Collected $55,000 of the accounts receivable e. Distributed safe cash balances, the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 20 percent of face value. g. Sold land, building, and equipment for $22,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners