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 $7,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 67,000 260,000 $ 48,500 Liabilities Alex, capital Bess, capital 182,000 96,500 Total assets $ 327,000 Total liabilities and capital $ 327,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order a. Distributed safe cash payments to the partners. b. Paid $29,100 of the partnership's liabilities. c. Sold noncash assets for $278,500. d. Distributed safe cash payments to the partners, e. Paid remaining partnership liabilities of $19,400 1. Paid $5,900 in liquidation expenses, no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Check my work 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 $29,100 of the partnership's liabilities. c. Sold noncash assets for $278,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,400. f. Paid $5,900 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show less A View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the initial distribution of available cash based on safe capital balance. 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 ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non-cash Assets Cash $ 67,000 (11,000) (29,100) 278,500 $ 305,400 $ (278,500) $ 26,900 $ (19,400) (5,900) S $ Liabilities Alex, Capital Bess, Capital 96,500 (11,000) 5,550 91,050 $ 260,000 $ 48,500 $ 182,000 $ (29,100) (260,000) 12,950 0 $ 19,400 $ 194,950 $ 0 $ 19,400 (19,400) 1,600 $ 0 $ 0 (1,600) 0 $ 0 $ 0 0 $