Question
Journalize the following entries 27. November 1: After being advised by legal counsel and Mr. Smithers that killing off competition was considered murder, Mr. Burns
Journalize the following entries
27. November 1: After being advised by legal counsel and Mr. Smithers that killing off competition was considered murder, Mr. Burns decided to get a patent to keep from his secrets from being used by his rivals. He paid $200,000 for his patent which will be amortized for 15 years.
28. December 1: Mr. Burns bought Cookie Dough and paid for the amount up front to get a bulk discount. The amount paid is $400,000
29. December 8: Mr. Burns bought office supplies on account from Staples for $50,000.
30. December 9 Mr. Burns sold $400,000 of cookies on account to Shelbyville. The cost of sales was $200,000
31. December 25: Mr. Burns paid a cash dividend after being visited by the three ghosts of Christmas to the Shareholder $400,000
32. December 31: Mr. Burns made interest payment on Bond #1. Use effective interest method. The payments are considered to be ordinary annuities
33. December 31: Mr. Burns made interest payment on Bond #2 Use effective interest method. The payments are considered to be ordinary annuities
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