Online te... * olynetsessionLocators assignment - G Google Search... 1 eBook Show Me How Calculator Entries and balance sheet for partnership Print Item Instructions Chart of Accounts Journal Labels and Amount Descriptions Balance Sheet Instructions On March 1, 2048, Eric Keene and Renee Wallace form a partnership. Keene agrees to invest $20,890 in cash and merchandise Inventory valued at $54,320 Wallace invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring her total capital to $59.510 Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow Agreed Upon Valuation $18,230 Accounts Receivable Allowance for Doubtful Accounts Equipment 1,500 Wallace's Ledger Balance $19,150 1,140 83,410 29,490 14,740 35,850 55,190 Accumulated Depreciation Accounts Payable 14,740 Notes Payable (current) 35,850 Previous Online te... X signments takeAssignmentSessionLocator assignment - A G Google Search... 1 eBook Show Me How Calculator Entries and balance sheet for partnership Print item Instructions Chart of Accounts Journal Labels and Amount Descriptions Balance Sheet Instructions The partnership agreement includes the following provisions regarding the division of net income interest on original investments at 10%, salary allowances of $22,150 (Keene) and $30,150 (Wallace), and the remainder equally! Required: 1. Journalize the entries on March 1 to record the investments of Keene and Wallacen the partnership accounts 2. Prepare a balance sheer 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 reveries were $295,870 and expenses were $200.000 for a ner income of 590,470. The drawing accounts have debit balances of $27.820 (Keene) and 530,560/Wallace) Joumatzethe entries to close the revenues and expenses and the drawing accounts at February 20, 2049 *Refer to the Chart of Accounts and the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries Previous Next Check My Work M Online te... * i ndhunvokere assignments&takeAssignmentSessionLocator assignment - G Google Search... eBook Show Me How Calculator Print Item Entries and balance sheet for partnership Instructions Chart of Accounts Journal Labels and Amount Descriptions Balance Sheet Instructions Balance Sheet 2. Prepare a balance sheet as of March 1, 2048, the date of formation of the partnership of Keene and Wallace. Refer to the Chart of Accounts and the list of Label and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter current assets in order of liquidity "Less Addr, or colons() wit automatically appear if required. Keene and Wallace Balance Sheet March 1, 2048 Assets 2 (Label) Check My Work Previous Next >
