Chapter 10 Pre-Built 12 Conaiée 1. The Edison Company spent $20,000 during the 1

Question

Chapter 10 Pre-Built 12 Conaiée 1. The Edison Company spent $20,000 during the 10 points product. 2. In April, the Marshall Company lost a patent infringement suit and pald the plaintiff $6,000. 3. In March, the C year for experimental purposes in connection with the development of a new y Laundromat bought equipment Cleanway paid $14,000 down and signed a in nine months. The cash price for this 5. The Mayer Company, plaintiff paid $20,000 in legal fees in Novembe in connection with a successful Infingement sut on ts 6. The Johnson Company traded its old machine with an On June 1, the Jamsen Corporation patent. new one that had a fair value of $12,400. The exchange has commercial substance original cost of $11.400 and a book value of $5,400 plus cash of $9,600 for a Print Prepare journal entries to record each of the above transactions. (ff no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet The Edison Company spent $20,000 during the year for experimental purposes n connection with the development of a new product Prev 12 of 14 Next >

Explanation / Answer

Transaction / Event Account Titles Debit Credit $ $ 1. Research and Development Expense 20,000 Cash 20,000 2. Legal Fees Expense 6,000 Cash 6,000 3. Equipment 33,000 Discount on Note Payable 3,000 Cash 14,000 Note Payable 22,000 4. Building 36,000 Cash 36,000 5. Patents 20,000 Cash 20,000 6. Machine - New 12,400 Accumulated Depreciation : Machine : Old 6,000 Loss on Trade-In 2,600 Cash 9,600 Machine - Old 11,400

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