Arch, Bibb, and Dao have been in partnership for a number of years. The partners allocate all profits and losses on a 4:3:3 basis, respectively. Recently, the partners have decided to terminate the business and liquidate assets. At the date the partnership ceases operations, the partnership's balance sheet is as follows: Prepare journal entries for the following transactions: a. Collected $60,000 from the $80,000 accounts receivable. $20,000 is written off as bad debt. b. Paid $12,000 in liquidation expenses. c. Paid $50,000 of the partnership's liabilities. d. Distributed safe payments of cash; the partners anticipate no further liquidation expenses. e. Sold land, building, and equipment for $80,000. f. Distributed cash held by the business to the partners
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