Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months of the year: Attorneys’ fees in connection with the organization of the corporation $ 12,200 State filing fees and other incorporation costs 3,200 Purchase of a patent 20,100 Legal and other fees for transfer of the patent 2,200 Purchase of equipment 30,100 Preopening salaries and employee training 40,100 Total $ 107,900 Required: Prepare a summary journal entry to record the $107,900 in cash expenditures. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months of the year: Attorneys’ fees in connection with the organization of the corporation $ 12,200 State filing fees and other incorporation costs 3,200 Purchase of a patent 20,100 Legal and other fees for transfer of the patent 2,200 Purchase of equipment 30,100 Preopening salaries and employee training 40,100 Total $ 107,900 Required: Prepare a summary journal entry to record the $107,900 in cash expenditures. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Freitas Corporation was organized early in 2024. The following expenditures were made during the first few months of the year:
Attorneys’ fees in connection with the organization of the corporation $ 12,200
State filing fees and other incorporation costs 3,200
Purchase of a patent 20,100
Legal and other fees for transfer of the patent 2,200
Purchase of equipment 30,100
Preopening salaries and employee training 40,100
Total $ 107,900
Required:
Prepare a summary journal entry to record the $107,900 in cash expenditures.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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