Mix ‘Em Up engages in research to develop cures for famous diseases. Costs incurred during development of one such project are as shown below:Researchers’ wages$10,000Materials used in research5,000Machinery used in research700Registration of product discovered1,950Attorney’s fees for registration3,000Record the journal entry for these items. Assume we credit Cash. 8-9a. Disposal of asset.Sellem, Inc. is disposing of office furniture it has had for 2 ½ years. The cost of the furniture was $10,000, and Sellem estimated the salvage to be $2,000. A four-year life was expected.Journalize the sale of the machine for $7,500.

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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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Mix ‘Em Up engages in research to develop cures for famous diseases. Costs incurred during development of one such project are as shown below:

Researchers’ wages	$10,000
Materials used in research	5,000
Machinery used in research	700
Registration of product discovered	1,950
Attorney’s fees for registration	3,000

Record the journal entry for these items. Assume we credit Cash.

8-9a. Disposal of asset.

Sellem, Inc. is disposing of office furniture it has had for 2 ½ years. The cost of the furniture was $10,000, and Sellem estimated the salvage to be $2,000. A four-year life was expected.

Journalize the sale of the machine for $7,500.

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