Mattson Company receives royalties on a patent it developed several years ago. Royaltles 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 Credit 57,000 Mattson received royaltles 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. Debit 57,000 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 field.

Mattson Company receives royalties on a patent it developed several years ago. Royaltles 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 Credit 57,000 Mattson received royaltles 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. Debit 57,000 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 field.

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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