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Young Corporation incurred research and development costs of $500,000 in 2014 in developing
a new product. Record the necessary journal entries during 2014 to record these events and any
adjustments at year end on December 31, 2014.
Solution
JOURNAL ENTRY
31/12/2014- No Adjustment required
PARTICULARS DEBIT CREDIT
Research And Development Cost 500000
Cash 500000

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  • 1. Young Corporation incurred research and development costs of $500,000 in 2014 in developing a new product. Record the necessary journal entries during 2014 to record these events and any adjustments at year end on December 31, 2014. Solution JOURNAL ENTRY 31/12/2014- No Adjustment required PARTICULARS DEBIT CREDIT Research And Development Cost 500000 Cash 500000