On march 1 2014 eric keene and abigail mckee form a

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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.

Reference no: EM13480380

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