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The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 100,000 70,000 85.000 Each of the following questions should be viewed independently a. If Sergio invests $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $80,000 in cash in the business for a 25 percent interest, what joumal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $90,000 in cash in the business for a 25 percent interest, what joumal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required c If Sergio invests $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the admission of new partner under bonus method. Note: Enter debits before credits. Transaction General Journal Debit Credit The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 100,000 70,000 85,000 Each of the following questions should be viewed independently. a. If Sergio invests $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $80,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $90,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required If Sergio invests $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Transaction Debit Credit General Journal No Transaction Recorded The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 100,000 70,000 85,000 Each of the following questions should be viewed independently a. If Sergio invests $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $80,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $90,000 in cash in the business for a 25 percent interest, what joumal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required c If Sergio invests $80,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the admission of new partner under bonus method. Note: Enter debits before credits. Transaction General Journal Debit Credit The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 100,000 70,000 85,000 Each of the following questions should be viewed independently a. If Sergio invests $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $80,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. C. If Sergio invests $90,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $90,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. Transaction General Journal Debit Credit The Distance Plus partnership has the following capital balances at the beginning of the current year. Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 100,000 70,000 85,000 Each of the following questions should be viewed independently. a. If Sergio invests $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $80,000 in cash in the business for a 25 percent interest, what joumal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $90,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $90,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the investment made by the new partner in the business. Note: Enter debits before credits. Transaction General Journal Debit Credit
