Nex and Bess have been in partnership for many years. The partners, who share profits and losses on a $70$:$30$ basis, respectively, wish

o retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $$4,000.$ At the date the partnership

eases operations, the balance sheet is as follows:

tequired:

art A:

repare journal entries for the following transactions that occurred in chronological order:

$.$ Distributed safe cash payments to the partners.

Paid $$27,000$ of the partnership's liabilities.

c$.$ Sold noncash assets for $$205,000.$

$.$ Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $$18,000.$

f$.$ Paid $$2,000$ in liquidation expenses; no further expenses will be incurred.

$.$ Distributed remaining cash held by the business to the partners.

art B:

repare a final statement of partnership liquidation.

Complete this question by entering your answers in the tabs below.

Prepare journal entries for the following transactions that occurred in chronological order:

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

Distributed safe cash payments to the partners.

Note: Enter debits before credits.

Prepare a final statement of partnership liquidation.

Note: Amounts to be deducted should be entered in minus sign.