Question
Each of the three partners contributes $18,000 cash to start up the WTW partnership. They agree to share profits in two steps. First, True will
Each of the three partners contributes $18,000 cash to start up the WTW partnership. They agree to share profits in two steps. First, True will receive $21,000 ans Wong will receive $27,000 because they will do most of the work . Any remaining profits or losses will be shared 1:2:3, respectively for Winni, True and Wong. The business starts on January 1, 2019. On December 31, 20149, the business posted a loss of $ 21,000. Winni decides to with draw from the partnership on December 31, 2019. True and Wong agree to give Winni $ 5,000 for her equity interest.
Please help me Journalize
the partnership on Jan.1
the allocation of the loss from the Income summary account.
the withdraw of Winni as a partner on Dec, 31 2019
What are the ending the balances in True and Wongs capital account.
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