March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 2:3:1 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hope of remedying their personal financial problems. As of September 1, the partnership€™s balance sheet is as follows:

Prepare journal entries for the following transactions:
a. Sold all inventory for $56,000 cash.
b. Paid $7,500 in liquidation expenses.
c. Paid $40,000 of the partnership€™s liabilities.
d. Collected $45,000 of the accounts receivable.
e. Distributed safe cash balances; the partners anticipate no further liquidation expenses.
f. Sold remaining accounts receivable for 30 percent of face value.
g. Sold land, building, and equipment for $17,000.
h. Paid all remaining liabilities of the partnership.
i. Distributed cash held by the business to thepartners.

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Cash. $ 11,000 Liabilities Accounts receivable84,000 March, capital Inventory 74,000 April, capital Land, building, and 61,000 25,000 75,000 equipment (net)38,000 Total assets $207,000 Total liabilities and capital$207,000 May, capital 46,000