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exis [7]
3 years ago
12

On September 30, 2021, Athens Software began developing a software program to shield personal computers from malware and spyware

. Technological feasibility was established on February 28, 2022, and the program was available for release on April 30, 2022. Development costs were incurred as follows: September 30 through December 31, 2021 $ 2,310,000 January 1 through February 28, 2022 910,000 March 1 through April 30, 2022 510,000 Athens expects a useful life of five years for the software and total revenues of $7,000,000 during that time. During 2022, revenue of $1,050,000 was recognized. Required: Prepare a journal entry in each year to record development costs for 2021 and 2022.
Business
1 answer:
Harrizon [31]3 years ago
6 0

Answer and Explanation:

The journal entries are shown below:

For 2021

Research and development expense $2,310,000  

         To Cash $2,310,000

(Being expenses incurred on R&D is recorded)

Here expenses are debited as it increased the expense and credited the cash as it decreased the assets  

For 2022

Research and development expense $910,000

Software development expense $510,000

         To Cash $1,420,000

(Being expenses incurred is recorded)

Here expenses are debited as it increased the expense and credited the cash as it decreased the assets  

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