please give me the correct amswer for this ASAP!!! i am posting this question again becuse someone gave me weong answer. thank you so much!!!
Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively. wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $6,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 64,000 230,00 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 47,000 138,000 109, eee $ 294, eee Total assets $ 294, eee Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $28,200 of the partnership's liabilities. c. Sold noncash assets for $247,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,800. f. Paid $4,700 in liquidation expenses; no further expenses will be incurred, g. Distributed remaining cash held by the business to the partners Part B: Prepare a final statement of partnership liquidation Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries for the following transactions that occurred in chronological order: (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. Distributed safe cash payments to the partners. b. Paid $28,200 of the partnership's liabilities. c. Sold noncash assets for $247,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,800. f. Paid $4,700 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show less X: Record the initial distribution of available cash based on safe capital balance. Record the payment of the partnership's liabilities. 3 Record the sale of noncash assets. Record the entry to distribute safe cash payments to the partners. 5 Record the payment of all remaining partnership liabilities. 6 Record the payment of liquidation expenses. Note : journal entry has been entered 6 Record the payment of liquidation expenses. Record the entry to distribute remaining cash held by the business to the partners. ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non-cash Cash Liabilities Alex, Capital Bess, Capital Assets Beginning balances Distribution to partners Paid liabilities Sold noncash assets Updated balances Distribution to partners Updated balances Paid liabilities Paid liquidation expenses Updated balances Distribution to partners Closing balances