Waldon, True, and Whitz decide to form a T-shirt design partnership. Alyssa Waldon figures this T-shirt design business will help her other company, Wicked Wild Company, with any T-shirt design needs. Additionally, True and Whitz 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, 2019. (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 Each of the three partners contributes $27,000 cash to start up the WTW partnership. They agree to share profits in two steps. First, True will receive $27,000 and Whitz will receive $30,000 because they will do most of the graphic design work. Any remaining profits or losses will be shared 1:2:3, respectively for Waldon, True, and Whitz. The business starts on January 1, 2019. On December 31, 2019, the business posted a loss of $30,000. Waldon decides to withdraw from the partnership on December 31, 2019. True and Whitz agree to give Waldon $11,500 for her equity interest. Requirement 3. Journalize the withdrawal of Waldon as a partner on December 31, 2019. (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 True and Whitz's capital accounts. (Use a minus sign or parentheses for a net loss.) True Whitz Total Capital, December 31, 2019