Problem 15-21 (Algo) (LO 15-2, 15-3, 15-5) Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $6,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 65,000 240,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 47,500 168,000 89,500 $ 305,000 Total assets $ 305,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $28,500 of the partnership's liabilities. c. Sold noncash assets for $257,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,000. f. Paid $5,100 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 a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) Part B: Prepare a final statement of partnership liquidation. Answer 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 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 $28,500 of the partnership's liabilities. c. Sold noncash assets for $257,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,000. f. Paid $5,100 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show less No Transaction General Journal Debit Credit 1 11,000 Bess, Capital Cash O 11,000 N 2 b. Liabilities > 28,500 Cash 28,500 3 C. Cash > 257,500 Alex, Capital Bess. Capital 12,250 5.250 Show less No Transaction General Journal Credit Debit 11,000 1 a. Bess, Capital Cash > 11,000 2 . b. Liabilities 28,500 Cash 28,500 3 C. 257,500 >> Cash Alex, Capital Bess, Capital Noncash assets 12,250 5,250 240,000 4 d. Alex, Capital Bess, Capital Cash 175,700 81,800 257,500 5 e. 19,000 Liabilities Cash 19,000 6 f. Alex, Capital Bess, Capital Cash OOO 7 g. Alex, Capital Bess, Capital Cash Part B: Prepare a final statement of partnership liquidation. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non- Cash cash Alex, Liabilities Bess, Assets Capital Capital 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