Consider each of the transactions below. All of the expenditures were made in cash.
No. | Account Titles | Debit | Credit |
1 | Research and development expenses | $14,000 | |
Cash | $14,000 | ||
2 | Legal fees expenses | $8,500 | |
Cash | $8,500 | ||
3 | Equipment | $25,000 | |
Discount on Note Payable | $2,000 | ||
Cash | $8,000 | ||
Note Payable | $19,000 | ||
4 | Building - sprinkler system | $30,000 | |
Cash | $30,000 | ||
5 | Patent | $14,000 | |
Cash | $14,000 | ||
6 | Equipment - new | $10,600 | |
Accumulated Depreciation - equipment (8400 - 3600) | $4,800 | ||
Loss on trade in | $1,400 | ||
Cash | $8,400 | ||
Equipment - old | $8400 |
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $14,000 du...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $19,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $5,500. In March, the Cleanway Laundromat bought equipment. Cleanway paid $13,000 down and signed a noninterest-bearing note requiring the payment of $21,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $15,000 during the year for experimental purposes in connection with the development of a new product. 2. in April, the Marshall Company lost a patent infringement suit and paid the plaintiff 59.000. 3. In March, the Cleanway Laundromat bought equipment Cleanway paid $9.000 down and signed a noninterest-bearing note requiring the payment of $19,500 in nine months. The cash price for...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $17,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $10,000. In March, the Cleanway Laundromat bought equipment. Cleanway paid $11,000 down and signed a noninterest-bearing note requiring the payment of $20,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $21,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $6,500. In March, the Cleanway Laundromat bought equipment. Cleanway paid $15,000 down and signed a noninterest-bearing note requiring the payment of $22,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $21,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $6,500. In March, the Cleanway Laundromat bought equipment. Cleanway paid $15,000 down and signed a noninterest-bearing note requiring the payment of $22,500 in nine months. The cash price for this equipment was...
Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $24,000 during the year for experimental purposes in connection with the development of a new product. 2. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $8,000. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $18,000 down and signed a noninterest-bearing note requiring the payment of $24,000 in nine months. The cash price for...
Consider each of the transactions below. All of the expenditures were made in cash. 1. The Edison Company spent $16,000 during the year for experimental purposes in connection with the development of a new product. 2. In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $9,500. 3. In March, the Cleanway Laundromat bought equipment. Cleanway paid $10,000 down and signed a noninterest- bearing note requiring the payment of $20,000 in nine months. The cash price...
Problem 10-5 Acquisition costs; journal entries (LO10-1, 10-3, 10-6, 10-8) Consider each of the transactions below. All of the experniditures were made in cosh. 1 The Edison Company spent $26,000 during the year for experimental purposes in connection with the development of a new product. 2 In Apri, the Marshall Company lost a patent infringement suit and pald the plainntiff $9,000. 3. In March, the Cleanway Laundromat bought equipment Cleanway paid $20,000 down and signed a noninterest bearing note requiring...
the transactions of Spade Company appear below. Kacy space, owner, invested $14,000 cash in the company in exchange for common stock. prepare the trial balance Ssigilrie The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,000 cash in the company in exchange for common stock. b. The company purchased office supplies for $406 cash. c. The company purchased $7,742 of office equipment on credit d. The company received $1,652 cash as fees for services provided to a...
SASA Company made the following expenditures in connection with the construction of its new soccer facility: Architect’s fees $ 8,000 Cash paid for land and old building 130,000 Removal of old building 19,000 Survey to site the new building 6,000 Excavation for construction of basement 1,500 Machinery purchased 71,000 Storage charges on machinery because building was not ready when machinery was delivered 500 Freight on machinery purchased 1,500 Hauling charges to deliver machinery from storage to new building 500 Construction...