The journal entry if Ahmad and Ali established a new partnership with $60,000 cash divided equally Select one: a. Debit: Ahmed capital 60,000. Credit: Ali capital 30,000 and cash 30,000 b. Debit: cash 60,000. Credit: Ahmed capital 30,000 and Ali capital 30,000. c. Debit: Ali capital 30,000 and cash 30,000. Credit: Ahmed Capital 60,000 d. Debit: Ahmed capital 30,000 and Ali capital 30,000. Credit: cash 60,000 In partnership liquidation the first cash distribution should be made for Select one: a. loan to bank b. Liquidation expenses on c. partner capital d. loan to partner