Problem 15-21 (Algo) (LO 15-2, 15-3, 15-5) Alex and Bess have been in partnership for many...

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Problem 15-21 (Algo) (LO 15-2, 15-3, 15-5) 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 Liabilities $ 63,000 220,000 Alex, capital Bess, capital $ 46,500 132,000 104,500 Total assets $ 283,000 Total liabilities and capital $ 283,000 Required: Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $27,900 of the partnership's liabilities. c. Sold noncash assets for $236,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,600. f. Paid $4,300 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. Complete this question by entering your answers in the tabs below. Part A Part B Prepare a final statement of partnership liquidation. Note: Amounts to be deducted should be entered in minus sign. ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Cash Non-cash Assets 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 Liabilities Alex, Capital Bess, Capital < Part A Part B > Problem 15-21 (Algo) (LO 15-2, 15-3, 15-5) 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 Liabilities $ 63,000 220,000 Alex, capital Bess, capital $ 46,500 132,000 104,500 Total assets $ 283,000 Total liabilities and capital $ 283,000 Required: Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $27,900 of the partnership's liabilities. c. Sold noncash assets for $236,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,600. f. Paid $4,300 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. Complete this question by entering your answers in the tabs below. Part A Part B Prepare a final statement of partnership liquidation. Note: Amounts to be deducted should be entered in minus sign. ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Cash Non-cash Assets 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 Liabilities Alex, Capital Bess, Capital < Part A Part B >