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Amber Wicked, Jean Talman and Oscar Wagner decide to form art design partnership Wicked is the Thirt design bis will help her other company Gaelake
Amber Wicked, Jean Talman and Oscar Wagner decide to form art design partnership Wicked is the Thirt design bis will help her other company Gaelake Company with any That design Additionally, Talman and Wagner have connections with many companies and can expand and grow this new partnership Each of the three partners cob.000 cash to start up the WTW partnership They profits in two steps. First, Talman will receive 9,000 and Wagner will receive 518,000 became they will do most of the graphic design work. Any remaining profesores will be shared 12 Wicked Taman business starts on January 1, 2021 On December 31, 2021, the business posted as of $15.000 Wicked decides to withdraw from the partnership on December 31, 2021 Toman and Wagnerwee to give Wicked equity interest Required Requirement 1. Joumalize the contribution of the partners in the partnership on January 1, 2021 Record the January 1, 2021 entry (Record debits first, then credits. Explanations are not required. Round to the nearest con ineeded) Journal Entry Accounts Debit Credit Date Jan 1 Required 2. Joumakze the allocation of the loss from the Income Summary account. Record debits first, then credits. Explanations are not required. Round to the nearest cent it need Journal Entry Accounts Dec 31 Date Debit Credit Required 3. maith Required 3. Journalize the withdrawal of Wicked as a partner on December 31, 2021. (Record debits first, then credits. Explanations are not required. Row Journal Entry Debit Credit Accounts Date Dec 31 Required 4. Calculate the ending balances in Tallman's and Wagner's capital accounts. Partner Tallman Wagner Capital, December 31, 2021 Required - X 1. 2. Journalize the contribution of the partners in the partnership on January 1, 2021. Journalize the allocation of the loss from the Income Summary account. Journalize the withdrawal of Wicked as a partner on December 31, 2021. Calculate the ending balances in Tallman's and Wagner's capital accounts. 3. 4. Print Done Wagner
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