accounting 25th edition problem 12-1a

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on march 1, 2014, eric keene and abigail mckee form a partnership. keene agrees to invest $21,100 in cash and merchandise inventory valued at $55,900. mckee 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:



1. journalize the entries to record the investments of keene and mckee in the partnership accounts. for a compound transaction, if an amount box does not require an entry, leave it blank.

image text transcribed for accessibility: on march 1, 2014, eric keene and abigail mckee form a partnership. keene agrees to invest $21,100 in cash and merchandise inventory valued at $55,900. mckee 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: journalize the entries to record the investments of keene and mckee in the partnership accounts. for a compound transaction, if an amount box does not require an entry, leave it blank.
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