The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (501 of profits and losses) Phil (201) Ernie (301) $135.000 105,000 120,000 Each of the following questions should be viewed independently. a. If Sergio invests $150,000 in cash in the business for a 20 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 20 percent interest, what journal entry is recorded? Assume that the bonus method is used c. If Sergio invests $100,000 in cash in the business for a 20 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 $150,000 in cash in the business for a 20 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 Seld.) View transaction list Journal entry worksheet vuus Yuuyyyuu WHOL Required A Required B Required If Sergio invests $150,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bo 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 Record entry Clear entry View general Journal Eve LayUUUUY GIR TUU Required A Required B Required If Sergio Invests $80,000 in cash in the business for a 20 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 Record entry Clear entry View general Journal Ensywy w Wow Required A Required B Required C If Sergio invests $100,000 in cash in the business for a 20 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
