Entries and Balance Sheet for a Partnership Chapter 12 On March 1, 2017, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $23,400 in cash and merchandise inventory valued at $62,600. Wallace invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $60,000. Details regarding the book values of the business assets and liabilities, and the agreed upon valuations, follow: Wallace's Ledger Bal. Agreed-Upon Valuation Accounts Receivable $19,900 $19,500 Allowance for Doubtful Accounts $1,200 $1,400 Equipment $83,500 $55,400 Accumulated Depreciation-Equipment $29,800 Accounts Payable $15,000 $15,000 Notes Payable (current) $37,500 $37,500 Instructions: 1. Journalize the entries to record the investments of Keene and Wallace in the partnership. Keene: STOP AND ANSWER #1 Wallace: STOP AND ANSWER #2