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melomori [17]
3 years ago
13

Consider each of the transactions below. All of the expenditures were made in cash.

Business
1 answer:
Allushta [10]3 years ago
5 0

Answer:

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment $7,000

Dr Loss on trade in $3,600

Cr Cash $10,600

Cr Equipment - old $13,900

Explanation:

Preparation of the journal entries

1. Dr Research and development expenses $25,000

Cr Cash $25,000

2. Dr Legal fees expenses $8,500

Cr Cash $8,500

3. Dr Equipment $38,000

Dr Discount on Note Payable $5,599

($38,000-$19,000-$24,500)

Cr Cash $19,000

Cr Note Payable $24,500

4. Dr Building - sprinkler system $41,000

Cr Cash $41,000

5. Dr Patent $25,000

Cr Cash $25,000

6. Dr Equipment new $13,900

Dr Accumulated Depreciation - equipment ($13,900 - $6,900) $7,000

Dr Loss on trade in $3,600

($10,600+$13,900-$13,900-$7,000)

Cr Cash $10,600

Cr Equipment - old $13,900

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