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The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (40% of profits and losses) Phil (30%) Ernie
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (40% of profits and losses) Phil (30%) Ernie (30%) $ 90,000 60,000 75,000 Each of the following questions should be viewed independently a. If Sergio invests $70,000 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
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