I need help finding the answers for c, d, e, f & g. NoTransactionGeneral JournalDebitCredit1a.Bess, Capital5,000Cash5,0002bLiabilities24,300 OCash24,300 O3C.Cash110,500 OAlex, CapitalBess, CapitalNoncash assets4d.Alex, CapitalBess, CapitalCashe.LiabilitiesCash6f.Alex, CapitalBess, CapitalCash Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively,wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnershipceases operations, the balance sheet is as follows:$ 51,000100,000Liabilities2$40,50060,00050,500CashNoncash assetsAlex, capitalBess, capitalTotal assets$ 151,000Total liabilities and capital$ 151,000Part A: Prepare journal entries for the following transactions that occurred in chronological order:a. Distributed safe cash payments to the partners.b. Paid $24,300 of the partnership's liabilities.c. Sold noncash assets for $110,500.d. Distributed safe cash payments to the partners.e. Paid remaining partnership liabilities of $16,200.f. Paid $4,400 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.

Solution A journal is a book which is used to record a business transaction in chronological order.…

Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively,. wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 51,000 100,000 $ 40,500 60,000 50,500 Liabilities Alex, capital Bess, capital Total assets $ 151,000 Total liabilities and capital $ 151,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $24,300 of the partnership's liabilities. c. Sold noncash assets for $110,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $16,200. f. Paid $4,400 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.

Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively,. wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 51,000 100,000 $ 40,500 60,000 50,500 Liabilities Alex, capital Bess, capital Total assets $ 151,000 Total liabilities and capital $ 151,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $24,300 of the partnership's liabilities. c. Sold noncash assets for $110,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $16,200. f. Paid $4,400 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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