Winter, Tren, and Waze decide to form a T-shirt design partnership. Anna Winter figures this T-shirt design business will help her other company, Golden Lake Company, with any T-shirt design needs. Additionally, Tren and Waze 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 Requirement 3. Journalize the withdrawal of Winter 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 Tren and Waze's capital accounts. (Use a minus sign or parentheses for a net loss.) Tren Waze Total Capital, December 31, 2019 ints. (Use a mi iment 4. To record partners' contribution of cash. To record partners' withdrawals of cash. from any To record withdrawal of Winter from the partnership. Total ue to the next Requirement 4. Calculate the ending balances in Tren and Waz Accounts and Explanation Tre Bonus upon Winter's withdrawal Net income Net loss Partner contributions C Partner withdrawals Cash Income Summary Winter, Capital Winter, Withdrawals Tren, Capital Tren, Withdrawals Waze, Capital Waze, Withdrawals ment 2. iccount. Det ut fields a More Info Each of the three partners contributes $15,000 cash to start up the WTW partnership. They agree to share profits in two steps. First, Tren will receive $15,000 and Waze will receive $18,000 because they will do most of the graphic design work. Any remaining profits or losses will be shared 1:2:3, respectively for Winter, Tren, and Waze. The business starts on January 1, 2019. On December 31, 2019, the business posted a loss of $27,000. Winter decides to withdraw from the partnership on December 31, 2019. Tren and Waze agree to give Winter $4,000 for her equity interest. Print Done Done partners in the nortnorchin on bonus 1 2010 /Dronero o sinalo comnound entre for this transaction Dacord deb A Requirements Explana 1. Journalize the contribution of the partners in the partnership on January 1, 2019. 2. Journalize the allocation of the loss from the Income Summary account. 3. Journalize the withdrawal of Winter as a partner on December 31, 2019. 4. Calculate the ending balances in Tren and Waze's capital accounts. es from t e of Print Done Explana
