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Consider each of the transaction below independently. All expenditures were made in cash During 2020, PC Software Inc. developed a new personal computer database management software package. Total expenditures on the project were $800,000, of which 30% occurred after the technological feasibility of the product had been established.  Prepare all necessary journal entries to record each the transaction. Use this format:  Date Account Titles DR CR

Consider each of the transaction below independently. All expenditures were made in cash During 2020, PC Software Inc. developed a new personal computer database management software package. Total expenditures on the project were $800,000, of which 30% occurred after the technological feasibility of the product had been established.  Prepare all necessary journal entries to record each the transaction. Use this format:  Date Account Titles DR CR

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Consider each of the transaction below independently. All expenditures were made in cash

During 2020, PC Software Inc. developed a new personal computer database management software package. Total expenditures on the project were $800,000, of which 30% occurred after the technological feasibility of the product had been established. 

Prepare all necessary journal entries to record each the transaction. Use this format:

 Date Account Titles DR CR
       
       
Expert Solution
INTRODUCTION

TOTAL EXPENDITURE INCURRED ON RESEARCH & DEVELOPMENT SHOULD BE EXPENSED TO PROFIT & LOSS A/C BUT ALL THE EXPENDITURE INCURRED ON RESEARCH & DEVELOPMENT AFTER TECHNICAL FEASIBILITY OF THE PRODUCT IS ESTABLISHED NEEDS TO BE CAPITALISE .

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