Consider each of the transactions below. All of the expenditures were made in cash. The Edison...

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Consider each of the transactions below. All of the expenditures were made in cash. The Edison...

Consider each of the transactions below. All of the expenditures were made in cash.

The Edison Company spent $20,000 during the year for experimental purposes in connection with the development of a new product.
In April, the Marshall Company lost a patent infringement suit and paid the plaintiff $6,000.
In March, the Cleanway Laundromat bought equipment. Cleanway paid $14,000 down and signed a noninterest-bearing note requiring the payment of $22,000 in nine months. The cash price for this equipment was $33,000.
On June 1, the Jamsen Corporation installed a sprinkler system throughout the building at a cost of $36,000.
The Mayer Company, plaintiff, paid $20,000 in legal fees in November, in connection with a successful infringement suit on its patent.
The Johnson Company traded its old machine with an original cost of $11,400 and a book value of $5,400 plus cash of $9,600 for a new one that had a fair value of $12,400. The exchange has commercial substance.

Required:
Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

business accounting

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