Question: Can I get help with the boxes I left blank/wrong. Thank you so much Alex and Bess have been in partnership for many years. The
Can I get help with the boxes I left blank/wrong. Thank you so much



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 $7,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 66,000 250,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 48,000 150,000 118,000 $ 316,000 Total assets $ 316,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $28,800 of the partnership's liabilities. c. Sold noncash assets for $268,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,200. f. Paid $5,500 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus Alex, Capital Bess, Capital ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non- Cash cash Liabilities Assets $ 66,000 $ 250,000 0 0 (28,800) 0 268,000 (250,000) $ 0 0 0 0 0 0 0 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 $ 0 0 $ 26,200 (19,200) (5,500) $ 1,500 (1,500) 0 $ 0 $ 0 0 0 $ 0 0 0 0 0 No Transaction General Journal Debit Credit 1 a. Bess, Capital Cash N b. 28,800 Liabilities Cash 28,800 3 c. Cash 268,000 Alex, Capital Bess, Capital Noncash assets 10,800 7,200 250,000 4 d. 156,000 Alex, Capital Bess, Capital Cash 5 e. 19,200 Liabilities Cash 19,200 6 Alex, Capital Bess, Capital Cash 3,300 2,200 5,500 7 g. 900 Alex, Capital Bess, Capital Cash 600 1,500
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