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cicimarie2018
cicimarie2018
08.08.2021 • 
Business

March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 4:2:2 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: Cash $ 26,000 Liabilities $ 95,000
Accounts receivable 114,000 March, capital 57,000
Inventory 104,000 April, capital 90,000
Land, building, and equipment (net) 59,000 May, capital 61,000
Total assets $ 303,000 Total liabilities and capital $ 303,000

Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Sold all inventory for $71,000 cash.
Paid $12,000 in liquidation expenses.
Paid $55,000 of the partnership’s liabilities.
Collected $63,000 of the accounts receivable.
Distributed safe payments of cash; the partners anticipate no further liquidation expenses.
Sold remaining accounts receivable for 30 percent of face value.
Sold land, building, and equipment for $32,000.
Paid all remaining liabilities of the partnership.
Distributed cash held by the business to the partners.

I will give brainliest to the person who solves this.

...so far the answers are as follows:
No Transaction General Journal Debit Credit
1 a. Cashselected answer correct 71,000selected answer correct
March, Capitalselected answer correct 16,500selected answer correct
April, Capitalselected answer correct 8,250selected answer correct
May, Capitalselected answer correct 8,250selected answer correct
Inventoryselected answer correct 104,000selected answer correct
2 b. March, Capitalselected answer correct 6,000selected answer correct
April, Capitalselected answer correct 3,000selected answer correct
May, Capitalselected answer correct 3,000selected answer correct
Cashselected answer correct 12,000selected answer correct
3 c. Liabilitiesselected answer correct 55,000selected answer correct
Cashselected answer correct 55,000selected answer correct
4 d. Cashselected answer correct 63,000selected answer correct
Accounts receivableselected answer correct 63,000selected answer correct
5 e. April, Capitalselected answer correct 41,000selected answer correct
May, Capitalselected answer correct 12,000selected answer correct
Cashselected answer correct 53,000selected answer correct
6 f. Cashselected answer correct 15,300selected answer correct
March, Capitalselected answer correct 17,850selected answer correct
April, Capitalselected answer correct 8,925selected answer correct
May, Capitalselected answer correct 8,925selected answer correct
Accounts receivableselected answer correct 51,000selected answer correct
7 g. Cashselected answer correct 32,000selected answer correct
March, Capitalselected answer correct 13,500selected answer correct
April, Capitalselected answer correct 6,750selected answer correct
May, Capitalselected answer correct 6,750selected answer correct
Land, building and equipmentselected answer correct 59,000selected answer correct
8 h. Liabilitiesselected answer correct 40,000selected answer correct
Cashselected answer correct 40,000selected answer correct
9 i. March, Capitalselected answer correct
April, Capitalselected answer correct
May, Capitalselected answer correct
Cashselected answer correct 47,300

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