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 Inventory Land, building, and equipment (net) Total assets $ 30,000 122,000 99,000 69,000 Liabilities March, capital $ 119,000 42,000 April, capital May, capital 94,000 65,000 $ 320,000 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. i. Distributed cash held by the business to the partners. No 1 Transaction a. Cash Inventory 2 b. Liquidation expenses Cash 3 C. Liabilities Cash Answer is not complete. General Journal Debit Credit 75,000 75,000 13,200 13,200 59,000 59,000 4 d. Cash 74,000 Accounts receivable 74,000