The Distance Plus partnership has the following capital balances at the beginning of the current year:

Tiger (40% of profits and losses)	$	140,000
Phil (40%)		110,000
Ernie (20%)		125,000

Each of the following questions should be viewed independently.

a.

If Sergio invests $180,000 in cash in the business for a 30 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.)

Here is what I have that is correct so far

Cash	180000
Sergio's Capital
Tiger's Capital
Phil's capital		5400 Phil
Ernie's capital