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question exercise 15 17 200 12 200 7 100 2 000 38 500 link to text account titles an 4280063

Question

Exercise 15

$17,200

12,200

7,100

2,000

$38,500

LINK TO TEXT

Account Titles and Explanation

Debit

Credit

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Exercise 15

Swifty Corporation was organized in 2016 and began operations at the beginning of 2017. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.

Attorney’s fees in connection with organization of the company

 

$17,200

Purchase of drafting and design equipment

 

12,200

Costs of meetings of incorporators to discuss organizational activities

 

7,100

State filing fees to incorporate

 

2,000

 

 

$38,500

 

 

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Compute the total amount of organization costs incurred by Swifty.

Total organization costs

 

$

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LINK TO TEXT

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Prepare the journal entry to record organization costs for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

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