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Alex and Bess have been In partnershlp 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 $6,500. At the date the partnershlp ceases operations, the balance sheet s as follows: Cash Noncash assets $ 53,80 Liabilities 128,888 Alex, capital Bess, capital 41,580 72 , 59,580 Total assets $ 173,88 Total liabilities and capital 173,88e Part A: Prepare Journal entrles for the following transactions: a. Distributed safe cash payments to the partners. b. Pald $24,900 of the partnershlp's llablities. c. Sold noncash assets for $131,500. d. Distributed safe cash payments to the partners. e. Pald remalning partnershlp llablities of $16,600. f. Pald $5,200 In liquldation expenses; no further expenses will be Incurred. g. Distributed remalning cash held by the business to the partners. Part B: Prepare a final statement of partnershlp liquldation. is not complete. Complete this question by entering your answers in the tabs below. Required A Required B 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. Distributed safe cash payments to the partners. b. Paid $24,900 of the partnership's liabilities. c. Sold noncash assets for $131,500 d. Distributed safe cash payments to the partners. a. Distributed safe cash payments to the partners. b. Paid $24,900 of the partnership's liabilities. c. Sold noncash assets for $131,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $16,600. f. Paid $5,200 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show less No Debit Bess, Capital 6,500 Cash 6,500 b. 41,500 Cash 41,500 Cash 131,500 Alex, Capital Bess, Capital Noncash assets 6,000 4,800 20,000 75.000 56,500 d. Alex, Capital Bess, Capital Cash 31,500 16,800 Cash 16,800 Liquidation expenses 5,200 Cash 5,200 Alex, Capital Bess, Capital 600 400 Cash 1,000 Part B: Prepare a final statement of partnershlp liquldation. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required B Prepare a final statement of partnership liquidation. AND BESS PARTNERSH Statement of Partnership Liquidation Non- cash Liabilities Capital Alex Bess, Capital Cash 53,000 einngalances Distribution to partners Paid liabilities Sold noncash assets Updated balances Distribution to partners Updated balances Paid liabilities Updated balances Distribution to partners Closing balances Required A Alex and Bess have been In partnershlp 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 $6,500. At the date the partnershlp ceases operations, the balance sheet s as follows: Cash Noncash assets $ 53,80 Liabilities 128,888 Alex, capital Bess, capital 41,580 72 , 59,580 Total assets $ 173,88 Total liabilities and capital 173,88e Part A: Prepare Journal entrles for the following transactions: a. Distributed safe cash payments to the partners. b. Pald $24,900 of the partnershlp's llablities. c. Sold noncash assets for $131,500. d. Distributed safe cash payments to the partners. e. Pald remalning partnershlp llablities of $16,600. f. Pald $5,200 In liquldation expenses; no further expenses will be Incurred. g. Distributed remalning cash held by the business to the partners. Part B: Prepare a final statement of partnershlp liquldation. is not complete. Complete this question by entering your answers in the tabs below. Required A Required B 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. Distributed safe cash payments to the partners. b. Paid $24,900 of the partnership's liabilities. c. Sold noncash assets for $131,500 d. Distributed safe cash payments to the partners. a. Distributed safe cash payments to the partners. b. Paid $24,900 of the partnership's liabilities. c. Sold noncash assets for $131,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $16,600. f. Paid $5,200 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show less No Debit Bess, Capital 6,500 Cash 6,500 b. 41,500 Cash 41,500 Cash 131,500 Alex, Capital Bess, Capital Noncash assets 6,000 4,800 20,000 75.000 56,500 d. Alex, Capital Bess, Capital Cash 31,500 16,800 Cash 16,800 Liquidation expenses 5,200 Cash 5,200 Alex, Capital Bess, Capital 600 400 Cash 1,000 Part B: Prepare a final statement of partnershlp liquldation. Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required B Prepare a final statement of partnership liquidation. AND BESS PARTNERSH Statement of Partnership Liquidation Non- cash Liabilities Capital Alex Bess, Capital Cash 53,000 einngalances Distribution to partners Paid liabilities Sold noncash assets Updated balances Distribution to partners Updated balances Paid liabilities Updated balances Distribution to partners Closing balances Required A