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Determine what journal entry is recorded

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The Distance Plan partnership has the following capital at the beginning of the current year

Tiger (50% of profits and losses) $115,000

Phil (30%) $85,000

Ernie (20%) $100,000

Question 1: If Sergio invests $90,000 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.)

Question 2: Record the admission of new partner under bonus method.

Reference no: EM132648380

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