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R. Wilson Corporation commenced operations in early 2020. The corporation incurred $60,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its formation.

Required:
Prepare journal entries to record the $60,000 expenditure and 2020 amortization, if any.

Respuesta :

abiolataiwo2015

Answer:

Dr Organization Expense 60,000

Cr Cash 60,000

Explanation:

Based on the information given we were told that the Corporation had commenced operations in early 2020 in which they incurred the amount of $60,000 which means that the journal entries to record the amount of $60,000 expenditure and 2020 amortization, if any will be :

Dr Organization Expense 60,000

Cr Cash 60,000

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