Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Part B: Prepare a final statement of partnership liquidation.Complete this question by entering your answers in the tabs below.Required A Required BPrepare journal entries for the following transactions that occurred in chronological order: (Do not round intermediate calculations. If noentry 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 Transcribed Text12346Kecord the initial distribution of available cash based onsafe capital balance.Record the payment of the partnership's liabilities.7Record the sale of noncash assets.5 Record the payment of all remaining partnershipliabilities.Record the entry to distribute safe cash payments to thepartners.Record the payment of liquidation expenses.Record the entry to distribute remaining cash held by theXalance.Credit Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wishto retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $6,500. At the date the partnershipceases operations, the balance sheet is as follows:CashNoncash assetsTotal assets$ 65,000240,000$ 305,000LiabilitiesAlex, capitalBess, capitalTotal liabilities and capitalPart 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 $257,500.$ 47,500168,00089,500$ 305,000d. 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.

Partnership liquidation is a process of dissolving a partnership and allocating the assets and…

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 Total assets $ 65,000 240,000 Liabilities Alex, capital Bess, capital $ 305,000 Total liabilities and capital 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. $ 47,500 168,000 89,500 $ 305,000 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.

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 Total assets $ 65,000 240,000 Liabilities Alex, capital Bess, capital $ 305,000 Total liabilities and capital 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. $ 47,500 168,000 89,500 $ 305,000 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.

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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