March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 2:3:1 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 $ 30,000 122,000 Liabilities March, capital $119,000 42,000 Inventory 99,000 Land, building, and equipment (net)) Total assets 69,000 $320,000 April, capital May, capital 94,000 65,000 Total liabilities and capital $ 320,000 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 $75,000 cash. b. Paid $13,200 in liquidation expenses. c. Paid $59,000 of the partnership's liabilities. d. Collected $74,000 of the accounts receivable. e. Distributed safe payments of cash; the partners anticipate no further liquidation expenses.. f. Sold remaining accounts receivable for 35 percent of face value. g. Sold land, building, and equipment for $36,000. h. Paid all remaining liabilities of the partnership. 1. Distributed cash held by the business to the partners. No Transaction 1 a. Cash Inventory 2 b. Liquidation expenses Cash Answer is not complete. General Journal Debit Credit 00 75,000 75,000 13,200 * 13,200 3 c. Liabilities 59,000 59,000 Cash 74,000 4 d. Cash 74,000 Accounts receivable. 1 No Transaction a. Cash Inventory 2 b. Liquidation expenses Cash Answer is not complete. General Journal Debit Credit 75,000 75,000 13,200 13,200 3 C. Liabilities Cash 59,000 59,000 4 d. Cash 74,000 Accounts receivable 74,000 5 e. March, Capital 35,600x April, Capital 53,400x May, Capital 17,800 Cash 106,800 6 f. Cash Accounts receivable Accounts receivable 7 9. Cash 8 h. Liabilities Cash 9 100 60,000 60,000 March, Capital 6,233 April, Capital 9,350 May, Capital 3,117 Cash 18,700