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 $ 32,000 Liabilities 126,000 March, capital 116,000 April, capital 74,000 May, capital $ 348,000 Total liabilities and capital $ 135,000 50,000 96,000 67,000 $ 348,000 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 $77,000 cash. b. Paid $13,800 in liquidation expenses. c. Paid $61,000 of the partnership's liabilities d. Collected $80,000 of the accounts receivable. e. Distributed safe payments of cash; the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 25 percent of face value. g. Sold land, building, and equipment for $38,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners. View transaction list Journal entry worksheet Record the sale of inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit View transaction list X: x 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. Credit 6 Record the cash received from balance accounts receivables. 7 Record the distribution of cash received from sale proceeds of land, building and equipments. = journal entry has been entered Note : Record entry Clear entry View general journal View transaction list :X: 3 Record the settlement of liabilities. 4 Record the cash received from accounts receivables. 5 Record the distribution of safe cash to partners. ch 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