freitas corporation was organized early in 2021. the following expenditures were made during the first...
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Accounting
Freitas Corporation was organized early in 2021. The following expenditures were made during the first few months of the year: Attorneys fees in connection with the organization of the corporation $ 15,100 State filing fees and other incorporation costs 6,300 Purchase of a patent 22,500 Legal and other fees for transfer of the patent 4,400 Purchase of equipment 32,600 Preopening salaries and employee training 43,000 Total 123,900 Required: Prepare a summary journal entry to record the $123,900 in cash expenditures. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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