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I was able to get a great amount of the work done but am having trouble with the ones on the bottom of the Excel
I was able to get a great amount of the work done but am having trouble with the ones on the bottom of the Excel spread sheet that are still blank can anyone help me?
On March 1, 2010, CNC Reene and Renee Wallace for a partiersmp. Neene 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 valuations, follow: Wallace's Ledger Agreed-Upon Balance Valuation Accounts Receivable $19,900 $19,500 Allowance for Doubtful Accounts 1,200 1,400 Equipment 83,5007 55,400 Accumulated Depreciation-Equipment 29,800 Accounts Payable 15,000 15,000 Notes Payable (current) 37,500 37,500 The partnership agreement includes the following provisions regarding the division of net income: interest on original investments at 10%, salary allowances of $19,000 (Keene) and $24,000 (Wallace), and the remainder equally. Instructions 1. Journalize the entries to record the investments of Keene and Wallace in the partner- ship accounts. 2. Prepare a balance sheet as of March 1, 2018, the date of formation of the partnership of Keene and Wallace. 3. After adjustments at February 28, 2019, the end of the first full year of operations, the revenues were $300,000 and expenses were $230,000, for a net income of $70,000. The drawing accounts have debit balances of $19,000 (Keene) and $24,000 (Wallace). Journalize the entries to close the revenues and expenses and the drawing accounts 2019. Mar. 1 Cash Merchandise Inventory Eric Keene, Capital 23,400 62,600 86,000 39,000 19,500 55,400 1 Cash Accounts Receivable Equipment Allowance for Doubtful Accounts Accounts Payable Notes Payable Renee Wallace, Capital 1,400 15,000 37,500 60,000 March 1, 20Y8 $ 62,400 $ 19,500 1,400 Assets Current assets: Cash Accounts receivable Less allowance for doubtful accounts Merchandise inventory Total current assets Property, plant, and equipment: Equipment Total assets 18,100 62,600 143,100 55,400 $ 198,500 $ 15,000 37,500 $ 52,500 Liabilities Current liabilities: Accounts payable Notes payable Total liabilities Partners' Equity Eric Keene, capital Renee Wallace, capital Total partners' equity Total liabilities and partners' equity $ 86,000 60,000 146,000 $ 198,500 300,000 230,000 Feb. 28 Revenues Expenses Eric Keene, Capital Renee Wallace, Capital 19,000 24,000 28 Eric Keene, Capital Renee Wallace, Capital Eric Keene, Drawing Renee Wallace, Drawing 19,000 24,000 Keene Wallace Total Schedule: Interest allowance Salary allowance Remaining income Net incomeStep by Step Solution
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