Hook Corp. incurred the following start-up costs, all paid in cash:

Legal fees	$75,000
Accounting fees	35,000
Promotional fees	15,000
Staff training fees	13,000

Required:

Prepare Hook’s journal entry to record the start-up costs, all paid in cash.

CHART OF ACCOUNTS

Hook Corp.

General Ledger

	ASSETS
111	Cash
121	Accounts Receivable
141	Inventory
152	Prepaid Insurance
181	Equipment
189	Accumulated Depreciation

	LIABILITIES
211	Accounts Payable
231	Salaries Payable
250	Unearned Revenue
261	Income Taxes Payable

	EQUITY
311	Common Stock
331	Retained Earnings

	REVENUE
411	Sales Revenue

	EXPENSES
500	Cost of Goods Sold
511	Insurance Expense
512	Utilities Expense
521	Salaries Expense
532	Bad Debt Expense
535	Start-up Costs
540	Interest Expense
541	Depreciation Expense
559	Miscellaneous Expenses
910	Income Tax Expense