Problem $15-27($Algo$)($LO $15-2)$

Agarwal, Bergeron, and Cishek have been in parthership 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:

Requlred:

Prepare journal entries for the following transactions:

Note: Do not round Intermedlate colculatlons. If no entry ls requlred for a tronsectlon$/$event$,$ select $"$No journol entry requlred" In

the flrst eccount fleld.

a$.$ Sold all inventory for $$78,000$ cash.

b$.$ Paid $$14,100$ in liquidation expenses.

c$.$ Paid $$62,000$ of the parthership's liabilities.

d$.$ Collected $$83,000$ of the accounts receivable.

e$.$ Distributed safe payments of cash; the partners anticipate no further liquidation expenses.

f$.$ Sold remaining accounts receivable for $30$ percent of face value.

g$.$ Sold land, building, and equipment for $$39,000.$

h$.$ Paid all remaining liabilities of the partnership.

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