2.Prepare a balance sheet as of March 1, 2016, the date of formationof the partnership of Keene and McKee. Refer to the Chart ofAccounts and the list of Labels and Amount Descriptions providedfor the exact wording of the answet choices for text entries. entercurrent assets in order of liquidity. “Less”, “Add”, or colons (:)will automatically appear if required.Manvel High Scho. Classroom OSpotry Web Payer Show Me How on March 1, 2016, Eric Keene and Abigail McKee form a partnership Keene agrees to invest s21,100 in cash and merchandise inventory valued at sss,900. McKee invests certain business assets at valuations agreed upon, transfers business liablites, and contributes sumcient cash to bring her total capital to s60.000. Detaus regarding the book values of the business assets and labiltes, and the agreed valuations, tollow: McKee’s Ledger Agreed-upon $18,900 Allowance for Doubtful Accounts Notes payable (oament) partneratie agreement includes following provisonsregarding the division or net income: ntereston original of $22,soo (Keene) and s30,400 CMcKee), and the remainder at 10%, salary allowances Journaaze the entries on March 1 to record the investments of Keene and Mexee in the partnership 2. Prepare a balance sheet as or March a, 2016, the date of normaeon orahe partnershp orKeene and Mooter 3- Ameradusements and the closing of revenue and expense accounts ar reanuary 28, 20az the end areenst year of operations, the income Rummary account has a crede aalance of R90,00d, and me dawing 28 to close the income summary account and the drawing accouner at Februay 2s, 2017 the exact -Refer to the chart of Aecounts and the af LaDen and Amount Deservoons provited Rr wording of the annwer choices for text enties As work saved March 1, 2006 Show transcribed image text Manvel High Scho. Classroom OSpotry Web Payer Show Me How on March 1, 2016, Eric Keene and Abigail McKee form a partnership Keene agrees to invest s21,100 in cash and merchandise inventory valued at sss,900. McKee invests certain business assets at valuations agreed upon, transfers business liablites, and contributes sumcient cash to bring her total capital to s60.000. Detaus regarding the book values of the business assets and labiltes, and the agreed valuations, tollow: McKee’s Ledger Agreed-upon $18,900 Allowance for Doubtful Accounts Notes payable (oament) partneratie agreement includes following provisonsregarding the division or net income: ntereston original of $22,soo (Keene) and s30,400 CMcKee), and the remainder at 10%, salary allowances Journaaze the entries on March 1 to record the investments of Keene and Mexee in the partnership 2. Prepare a balance sheet as or March a, 2016, the date of normaeon orahe partnershp orKeene and Mooter 3- Ameradusements and the closing of revenue and expense accounts ar reanuary 28, 20az the end areenst year of operations, the income Rummary account has a crede aalance of R90,00d, and me dawing 28 to close the income summary account and the drawing accouner at Februay 2s, 2017 the exact -Refer to the chart of Aecounts and the af LaDen and Amount Deservoons provited Rr wording of the annwer choices for text enties As work saved March 1, 2006
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