Problem $15-27($Algo$)($LO $15-2)$

Agarwal, Bergeron, and Cishek have been in partnership for a number of years. The partners allocate all profits and losses on a $\backslash (2$: $3$: $1\backslash )$ basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hopes of remedying their personal financial problems. As of September $1,$ the partnership's balance sheet is as follows:

Required:

Prepare journal entries for the following transactions:

Note: 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$.$ Sold all inventory for $\backslash (\backslash$$ $81,000\backslash )$ cash.

b$.$ Paid $\backslash$$$15,000$ in liquidation expenses.

c$.$ Paid $\backslash (\backslash$$ $65,000\backslash )$ of the partnership's liabilities.

d$.$ Collected $\backslash$$$92,000$ of the accounts receivable.

e$.$ Distributed safe payments of cash; 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 $\backslash (\backslash$$ $42,000\backslash ).$

h$.$ Paid all remaining liabilities of the partnership.

i$.$ Distributed cash held by the business to the partners. $\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|\}$

$\backslash$hline No & Transaction & General Journal & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & a$.$ & Cash & $81,000$ & $\backslash \backslash$

$\backslash$hline & & Agarwal, Capital & & $\backslash \backslash$

$\backslash$hline & & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & Cishek, Capital & & $\backslash \backslash$

$\backslash$hline & & Inventory & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline $2$ & b$.$ & Agarwal, Capital & & $\backslash \backslash$

$\backslash$hline & & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & Cishek, Capital & & $\backslash \backslash$

$\backslash$hline & & Cash & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline $3$ & c$.$ & Liabilities & & $\backslash \backslash$

$\backslash$hline & & Cash & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline $4$ & d$.$ & Cash & & $\backslash \backslash$

$\backslash$hline & & Accounts receivable & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline $5$ & e$.$ & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & Cishek, Capital & & $\backslash \backslash$

$\backslash$hline & & Cash & & $\backslash \backslash$

$\backslash$hline & & & & $\backslash \backslash$

$\backslash$hline $6$ & f$.$ & Cash & & $\backslash \backslash$

$\backslash$hline & & Agarwal, Capital & & $\backslash \backslash$

$\backslash$hline & & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & Cishek, Capital & & $\backslash \backslash$

$\backslash$hline & & Accounts receivable & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|$l$|$l$|\}$

$\backslash$hline & & & Cash & & $\backslash \backslash$

$\backslash$hline $/$ & $3$ & c$.$ & Liabilities & & $\backslash \backslash$

$\backslash$hline & & & Cash & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline & $4$ & d$.$ & Cash & & $\backslash \backslash$

$\backslash$hline & & & Accounts receivable & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline & $5$ & e$.$ & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & & Cishek, Capital & & $\backslash \backslash$

$\backslash$hline & & & Cash & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{6\}\{*\}\{/\}$ & $6$ & f$.$ & Cash & & $\backslash \backslash$

$\backslash$hline & & & Agarwal, Capital & & $\backslash \backslash$

$\backslash$hline & & & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & & Cishek, Capital & & $\backslash \backslash$

$\backslash$hline & & & Accounts receivable & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multirow$[$t$]\{6\}\{*\}\{-\}$ & $7$ & g$.$ & Cash & & $\backslash \backslash$

$\backslash$hline & & & Agarwal, Capital & & $\backslash \backslash$

$\backslash$hline & & & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & & Land, building and equipment & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $-$ & $8$ & h$.$ & Liabilities & & $\backslash \backslash$

$\backslash$hline & & & Cash & & $\backslash \backslash$

$\backslash$hline & & & & & $\backslash \backslash$

$\backslash$hline $-$ & $9$ & i$.$ & Agarwal, Capital & & $\backslash \backslash$

$\backslash$hline & & & Bergeron, Capital & & $\backslash \backslash$

$\backslash$hline & & & Cishek, Capital & & $\backslash \backslash$

$\backslash$hline & & & Cash & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$