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 $4 , 000 . At the date the partnership ceases operations, the balance sheet is as follows: Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $27 , 000 of the partnership's liabilities. c. Sold noncash assets for $205 , 000 . d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18 , 000 . f. Paid $2 , 000 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. 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 $27 , 000 of the partnership's liabilities. c. Sold noncash assets for $205 , 000 . d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18 , 000 . f. Paid $2 , 000 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Journal entry worksheet 1 7 Record the entry to distribute safe cash payments to the partners. Note: Enter debits before credits. Journal entry worksheet Record the entry to distribute remaining cash held by the business to the partners. Note: Enter debits before credits. 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.

1. 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 $4 , 000 . At the date the partnership ceases operations,
the balance sheet is as follows: Part A: Prepare journal entries for the following transactions that
occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $27 ,
000 of the partnership's liabilities. c. Sold noncash assets for $205 , 000 . d. Distributed safe cash
payments to the partners. e. Paid remaining partnership liabilities of $18 , 000 . f. Paid $2 , 000
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. 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 $27 , 000 of the
partnership's liabilities. c. Sold noncash assets for $205 , 000 . d. Distributed safe cash payments
to the partners. e. Paid remaining partnership liabilities of $18 , 000 . f. Paid $2 , 000 in
liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by
the business to the partners. Journal entry worksheet 1 7 Record the entry to distribute safe cash
payments to the partners. Note: Enter debits before credits. Journal entry worksheet Record the
entry to distribute remaining cash held by the business to the partners. Note: Enter debits before
credits. 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