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$20,000 Liabilities$85,000 Accounts receivable102,000 March, capital34,000 Inventory92,00 0April, capital84,000 Land, building, and equipment (net)44,000 May, capital55,000 Total assets$258,000 Total liabilities and capital $258,000

Need help with this journal entry: Distributed safe cash balances; the partners anticipate no further liquidation expenses.

Mostly just finding the max loss