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 $ 51,000
Liabilities $ 40,500
Noncash assets 100,000
Alex, capital 60,000
Bess, capital 50,500
Total assets $ 151,000
Total liabilities and capital $ 151,000

Required:
Part A:
Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners.



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