More Info Each of the three partners contributes $36,000 cash to start up the WTW partnership. They agree to share profits in two steps. First, Tilton will receive $27,000 and Walton will receive $33,000 because they will do most of the graphic design work. Any remaining profits or losses will be shared 1:2:3, respectively for Winni, Tilton, and Walton. The business starts on January 1, 2025. On December 31, 2025, the business posted a loss of $30,000. Winni decides to withdraw from the partnership on December 31, 2025. Tilton and Walton agree to give Winni $18,500 for her equity interest. Print Done Winni, Tilton, and Walton decide to form a T-shirt design partnership. Andrea Winni figures this T-shirt design business will help her other company, Water Way Company, with any T-shirt design needs. Additionally, Tilton and Walton have connections with many companies and can expand and grow this new partnership. (Click the icon to view the additional information.) Read the requirements. Requirement 1. Journalize the contribution of the partners in the partnership on January 1, 2025. (Prepare a single compound entry for this transaction. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jan. 1 Requirement 2. Journalize the allocation of the loss from the Income Summary account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 3. Journalize the withdrawal of Winni as a partner on December 31, 2025. (Prepare a single compound entry for this transaction. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 4. Calculate the ending balances in Tilton and Walton's capital accounts. (Use a minus sign or parentheses for a net loss.) Tilton Walton Total Capital, December 31, 2025 Calculator 0 Time Remaining: 02:48:20 Next More Info Each of the three partners contributes $36,000 cash to start up the WTW partnership. They agree to share profits in two steps. First, Tilton will receive $27,000 and Walton will receive $33,000 because they will do most of the graphic design work. Any remaining profits or losses will be shared 1:2:3, respectively for Winni, Tilton, and Walton. The business starts on January 1, 2025. On December 31, 2025, the business posted a loss of $30,000. Winni decides to withdraw from the partnership on December 31, 2025. Tilton and Walton agree to give Winni $18,500 for her equity interest. Print Done Winni, Tilton, and Walton decide to form a T-shirt design partnership. Andrea Winni figures this T-shirt design business will help her other company, Water Way Company, with any T-shirt design needs. Additionally, Tilton and Walton have connections with many companies and can expand and grow this new partnership. (Click the icon to view the additional information.) Read the requirements. Requirement 1. Journalize the contribution of the partners in the partnership on January 1, 2025. (Prepare a single compound entry for this transaction. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jan. 1 Requirement 2. Journalize the allocation of the loss from the Income Summary account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 3. Journalize the withdrawal of Winni as a partner on December 31, 2025. (Prepare a single compound entry for this transaction. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 4. Calculate the ending balances in Tilton and Walton's capital accounts. (Use a minus sign or parentheses for a net loss.) Tilton Walton Total Capital, December 31, 2025 Calculator 0 Time Remaining: 02:48:20 Next
