journal entries needed for march 31, sept 30, and dec 31 Mattson Company receives royalties on a patent it developed several years ago. Royalties are 4% of net sales, to be received onSeptember 30 for sales from January through June and receivable on March 31 for sales from July through December. The patentrights were distributed on July 1, 2023, and Mattson accrued royalty revenue of $57,000 on December 31, 2023, as follows:General JournalReceivable-royalty revenueRoyalty revenueDebit57,000View transaction listMattson received royalties of $61,700 on March 31, 2024, and $77,000 on September 30, 2024. In December, 2024, the patent userindicated to Mattson that sales subject to royalties for the second half of 2024 should be $770,000.Journal entry worksheet<1 2 3CreditRequired:1. Prepare any journal entries Mattson should record during 2024 related to the royalty revenue.Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field.57,000Record the entry related to the royalty revenue.

In accounting, journal entries are a record of financial transactions that a business has made. Each…

Mattson Company receives royalties on a patent it developed several years ago. Royalties are 4% of net sales, to be received on September 30 for sales from January through June and receivable on March 31 for sales from July through December. The patent rights were distributed on July 1, 2023, and Mattson accrued royalty revenue of $57,000 on December 31, 2023, as follows: General Journal Receivable-royalty revenue Royalty revenue Debit 57,000 Credit 57,000 Mattson received royalties of $61,700 on March 31, 2024, and $77,000 on September 30, 2024. In December, 2024, the patent user indicated to Mattson that sales subject to royalties for the second half of 2024 should be $770,000. Required: 1. Prepare any journal entries Mattson should record during 2024 related to the royalty revenue. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.

Mattson Company receives royalties on a patent it developed several years ago. Royalties are 4% of net sales, to be received on September 30 for sales from January through June and receivable on March 31 for sales from July through December. The patent rights were distributed on July 1, 2023, and Mattson accrued royalty revenue of $57,000 on December 31, 2023, as follows: General Journal Receivable-royalty revenue Royalty revenue Debit 57,000 Credit 57,000 Mattson received royalties of $61,700 on March 31, 2024, and $77,000 on September 30, 2024. In December, 2024, the patent user indicated to Mattson that sales subject to royalties for the second half of 2024 should be $770,000. Required: 1. Prepare any journal entries Mattson should record during 2024 related to the royalty revenue. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Put the following steps in the accounting cycle in the correct order (1-9). Journalize transactions and events Three Journalize and post the adjusting journal entires Three Analyze transactions and events from source documents One Prepare the post-closing trial balance Nine Post the journal entires to the general ledger Choose. + Prepare the unadjusted trial balance Choose. Prepare the adjusted trial balance Choose. +
Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 60% complete* Units completed and transferred out Units in process, July 31, 80% complete* * With respect to conversion costs. 11,000 88,000 15,100
Requirements Sheet in Workbook Requirement 1—Prepare the Journal Entries in the General Journal Journal Entries Requirement 2—Post Journal Entries to the General Ledger General Ledger Requirement 3—Prepare a Trial Balance Trial Balance Requirement 4—Prepare the Adjusting Entries Adjusting Entries Requirement 5—Post Adjusting Entries to the General Ledger General Ledger Requirement 6—Prepare an Adjusted Trial Balance Adjusted Trial Balance Requirement 7—Prepare the Financial Statements Financial Statements Requirement 8—Prepare the Closing Entries Closing Entries Requirement 9—Post Closing Entries to the General Ledger General Ledger Requirement 10—Prepare the Post Closing Trial Balance Post-Closing Trial Balance During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company…
Imges
What is a 'bonus share'? Give the journal entries required at the date of a bonus issue
View History Bookmarks Window Help A education.wiley.com 1 ך WP NWP Assessment Player UI Application DAXMED WALI FURINL Question 26 of 42 View Policies Current Attempt in Progress Which of the following is in accordance with generally accepted accounting principles? Accrual-basis accounting Cash-basis accounting Both accrual-basis and cash-basis accounting Neither accrual-basis nor cash-basis accounting Save for Later OO O O
Accounting Homework
Periodic inventory by three methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory Jan. 10 Purchase Jan. 28 Sale Jan. 30 Sale Feb. 5 Sale Feb. 10 Purchase Feb. 16 Sale Feb. 28 Sale Mar. 5 Purchase Mar. 14 Sale Mar. 25 Purchase Mar. 30 Sale 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 2,850,000 X 2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. Inventory, March 31 $ Cost of goods sold $ 9,000 $60.00 $540,000 21,000 70.00 1,470,000 10,250 140.00 1,435,000 5,750 140.00 805,000 3,500 140.00 490,000 39,500 75.00 2,962,500 15,000 150.00 2,250,000 10,000 150.00…