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 partnerships balance sheet is as follows:

Cash	$	14,000	Liabilities	$	58,000
Accounts receivable		87,000	March, capital		28,000
Inventory		80,000	April, capital		78,000
Land, building, and equipment (net)		32,000	May, capital		49,000
Total assets	$	213,000	Total liabilities and capital	$	213,000

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 $59,000 cash.
2. Paid $8,400 in liquidation expenses.
3. Paid $43,000 of the partnerships liabilities.
4. Collected $51,000 of the accounts receivable.
5. Distributed safe payments of cash; the partners anticipate no further liquidation expenses.
6. Sold remaining accounts receivable for 30 percent of face value.
7. Sold land, building, and equipment for $20,000.
8. Paid all remaining liabilities of the partnership.
9. Distributed cash held by the business to the partners.

• 1

  Record the sale of inventory.

• 2

  Record the cash paid for liquidation expenses.

• 3

  Record the settlement of liabilities.

• 4

  Record the cash received from accounts receivables.

• 5

  Record the distribution of safe cash to partners.

• 6

  Record the cash received from balance accounts receivables.

• 7

  Record the distribution of cash received from sale proceeds of land, building and equipments.

• 8

  Record the settlement of balance liabilities.

• 9

  Record the distribution of cash in hand to partners.

• Note : = journal entry has been entered