The Distance Plus partnership has the following capital balances at the beginning of the current...
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Accounting
The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages:
Tiger $
Phil
Ernie
Each of the following questions should be viewed independently.
Required:
If Sergio invests $ in cash in the business for a percent interest, what journal entry is recorded? Assume that the bonus method is used.
If Sergio invests $ in cash in the business for a percent interest, what journal entry is recorded? Assume that the bonus method is used.
If Sergio invests $ in cash in the business for a percent interest, what journal entry is recorded? Assume that the goodwill method is used.
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