Problem 15-27 (Algo) (LO 15-2) Agarwal, Bergeron, and Cishek have been in partnership for a number...

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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 2:3:1 besis, 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: Cash $ 33,000 128,888 111,000 66,888 Liabilities Agarwal, capital $131,000 Accounts receivable 42,000 Inventory Bergeron, capital 97,000 Land, building, and equipment (net) Cishek, capital 68,000 Total assets $ 338,000 Total liabilities and capital $ 338,000 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 $78,000 cash. b. Paid $14,100 in liquidation expenses. c. Paid $62,000 of the partnership's abilities. d. Collected $83,000 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. 9. Sold land, building, and equipment for $39,000. h. Paid all remaining abilities of the partnership. Distributed cash held by the business to the partners. Vw tracho View journal entry worksheet No Transaction General Journal Debit Credit 1 2 Cash 78,000 Agarwal, Capital 2 b 3 P Bergeron, Capital Cishek Capital Inventory Agarwal, Capital Bargeron, Capital Cishek, Capital Cash Liabilities Cash 4 d Cash Accounts receivable R Bergeron, Capital Cishek, Capital Cash 6 L Cash Agarwal, Capital Bergeron, Capital Cishek Capital Accounts receivable 7 9 Cash Agarwal, Capital Bergeron, Capital Cishek Capital Land, building and equipment Liabilities Cash 9 L Agarwal, Capital Bergeron, Capital Cishek Capital Cash 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 2:3:1 besis, 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: Cash $ 33,000 128,888 111,000 66,888 Liabilities Agarwal, capital $131,000 Accounts receivable 42,000 Inventory Bergeron, capital 97,000 Land, building, and equipment (net) Cishek, capital 68,000 Total assets $ 338,000 Total liabilities and capital $ 338,000 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 $78,000 cash. b. Paid $14,100 in liquidation expenses. c. Paid $62,000 of the partnership's abilities. d. Collected $83,000 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. 9. Sold land, building, and equipment for $39,000. h. Paid all remaining abilities of the partnership. Distributed cash held by the business to the partners. Vw tracho View journal entry worksheet No Transaction General Journal Debit Credit 1 2 Cash 78,000 Agarwal, Capital 2 b 3 P Bergeron, Capital Cishek Capital Inventory Agarwal, Capital Bargeron, Capital Cishek, Capital Cash Liabilities Cash 4 d Cash Accounts receivable R Bergeron, Capital Cishek, Capital Cash 6 L Cash Agarwal, Capital Bergeron, Capital Cishek Capital Accounts receivable 7 9 Cash Agarwal, Capital Bergeron, Capital Cishek Capital Land, building and equipment Liabilities Cash 9 L Agarwal, Capital Bergeron, Capital Cishek Capital Cash