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 partnerships balance sheet is as follows:

Cash	$	28,000	Liabilities	$	110,000
Accounts receivable		118,000	March, capital		42,000
Inventory		97,000	April, capital		92,000
Land, building, and equipment (net)		64,000	May, capital		63,000
Total assets	$	307,000	Total liabilities and capital	$	307,000

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.)

1. Sold all inventory for $73,000 cash.
2. Paid $12,600 in liquidation expenses.
3. Paid $57,000 of the partnerships liabilities.
4. Collected $68,000 of the accounts receivable.
5. Distributed safe payments of cash; the partners anticipate no further liquidation expenses.
6. Sold remaining accounts receivable for 25 percent of face value.
7. Sold land, building, and equipment for $34,000.
8. Paid all remaining liabilities of the partnership.
9. Distributed cash held by the business to the partners.

NOTE:----

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Answer is not complete. No Transaction General Journal Debit Credit 1 a Cash March, Capital April , Capital May, Capital Inventory 73,000 8,000 12,000 4,000 97,000 OOOOO OOOO 2 b March, Capital April, Capital May, Capital Cash 4,200 6,300 2,100 12,600 3 C 57,000 Liabilities Cash 57,000 4 d Cash 68,000 Accounts recevable 68,000 5 e. April, Capital March, Capital May, Capital Cash 33,750 22,500 11,250 x 67,500 6 f. Cash March, Capital April, Capital May, Capital Accounts receivable OOO 12,500 12,500 18,750 6,250 50,000 7 g. Cash March, Capital April, Capital May, Capital Land, building and equipment 34,000 10,000 15,000 5,000 O 64,000 8 53,000 Liabilities Cash >> 53,000 9 i. March, Capital April, Capital May, Capital Cash >>> 780 X 6,222 3,400 92,900