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Prepare journal entry to record the cash expenditures

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Question - Accounting for Organization Costs - Perry Inc. was organized during 21319 and started operations on January 1, 2020. Cash expenditures during 2019 were the following.

Professional fees (attorney fees) for articles of incorporation $16,000

Professional fees (accounting fees) to research tax status of organization 12,000

Meetings and promotional activities incidental to organization 12,000

Filing and related fees 4,000

Purchase of office equipment 40,000

Required - Prepare a 2019 summary journal entry to record the cash expenditures related to the start-up of the new company.

Reference no: EM133158974

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