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Freitas Corporation was organized early in 2011. The following expenditures were made during the first few months of the year:

Attorneys' fees in connection with the organization of the corporation	$12,000
State filing fees and other incorporation costs	3,000
Purchase of a patent	20,000
Legal and other fees for transfer of the patent	2,000
Purchase of furniture	30,000
Pre-opening salaries	40,000
Total	$107,000

Required:

Prepare a summary journal entry to record the $107,000 in cash expenditures.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9968451

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