Homework Answers
Ans:
|
No. |
Event |
General Journal |
Debit |
Credit |
|
1 |
1 |
Equipment |
$475,000 |
|
|
Research and development expense |
$475,000 |
|||
|
(To record cost of equipment to be used on future Projects) |
||||
|
2 |
2 |
Research and development expense |
$95,000 |
|
|
Accumulated depreciation-equipment |
$95,000 |
|||
|
(To record depreciation) (475000/5 years) |
||||
|
3 |
3 |
Patent |
$55,000 |
|
|
Research and development expense |
$55,000 |
|||
|
(TO record the capitalisation of legal fees for patent incorrectly charged to R&D) |
||||
|
4 |
4 |
Inventory |
$35,000 |
|
|
Research and development expense |
$35,000 |
|||
|
(To Reclassify the quality control Expense) |
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In 2018, Starsearch Corporation began work on three research and development projects. One of the projects...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2018 expenditures were included in the R&D expense account: Salaries and wages for: Lab research Design and construction of preproduction prototype Quality control during commercial production 490,000 350,000 39,000 Materials and supplies consumed for: 79,000 49,000 790,000 59,000 215,000 $2,071,000 Lab...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was complete...
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In 2021, Starsearch Corporation began work on three research and development projects. One of the projects...
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In 2021, Starsearch Corporation began work on three research and development projects. One of the projects...
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In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2018 expenditures were included in the R&D expense account: Salaries and wages for: Lab research Design and construction of preproduction prototype Quality control during commercial production 490,000 350,000 39,000 Materials and supplies consumed for: 79,000 49,000 790,000 59,000 215,000 $2,071,000 Lab...
In 2018, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2018 expenditures were included in the R&D expense account: $ 460,000 320,000 36,000 Salaries and wages for: Lab research Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for: Lab research Construction of preproduction prototype...
In 2021, Starsearch Corporation began work on three research and development projects. One of the projects was completed and commercial production of the developed product began in December. The company's fiscal year-end is December 31. All of the following 2021 expenditures were included in the R&D expense account Salaries and wages for : 5 Ints Lab research $ 500,000 Design and construction of preproduction prototype Quality control during commercial production Materials and supplies consumed for Leb research Construction of preproduction...
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Check my work 1In-2018, Space Technology Compary mcd In 2018, Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: 10 points Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of equipment Testing and modification of the prototype Legal and other fees for patent application on the new communication system Legal fees for successful defense of the new patent $2,200,000 720,000 340,000 64,000...
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