Freitas Corporation was organized early in 2016. The following expenditures were

Question

Freitas Corporation was organized early in 2016. The following expenditures were made during the first few months of the year: Attorneys' fees in connection with the organization of the corporation State filing fees and other incorporation costs Purchase of a patent Legal and other fees for transfer of the patent Purchase of furniture Pre-opening salaries $ 17,000 5,500 25,000 4,500 35,000 45,000 Total 132,000 Required: Prepare a summary journal entry to record the $132,000 in cash expenditures. (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 cash expenditures Note: Enter debits before credits Event General Journal Debit Credit

Explanation / Answer

Organization cost expense 22500 Patent 29500 Pre-opening expenses 45000 Furniture 35000         Cash 132000

Related Questions

Navigate

• Browse (All)
• Browse F
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.