Prepare Journal Entries for A-I

March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 234 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business hopes of remedying their personal financlal problems. As of September 1 , the partnership's balance sheet is as follows: Prepare journal entries for the following transactions: (Do not round Intermedlate calculations. If no entry is required for a transection/event, select "No journal entry required" In the first occount fleld.) a. Sold all inventory for $58,000 cash. b. Paid $8.100 in liquidation expenses. c. Paid $42,000 of the partnership's llabiuties. d. Collected $47,000 of the accounts recelvable. e. Distributed safe payments of cash; the partners anticipate no further liquidation expenses. f. Sold remaining accounts recelvable for 25 percent of face value. 9. Sold land, bullding, and equipment for $19,000. h. Paid all remaining llabilitles of the partnership. 1. Disulbuted 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. 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