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Prepare journal entries to record the transactions of entity

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Reference no: EM133010711

Entity A is a listed company that owns and operates a number of Japanese restaurants in Hong Kong. To prepare for the company development, Entity A planned to acquire additional assets for its own use in the year 2020.
Some of the restaurants are operated under a franchise agreement from another company, Entity B.

Several payments were incurred during the year 2020:

  • On 1 May 2020, Entity A purchased a new software system which is mainly for inventory control and management. The cost of the software is $126,000. The payment was settled on 15 June 2020. The software is expected to use for 10 years.
  • On 30 June 2020, Entity A paid a franchise fee of $256,000 to Entity B for the use of a trading name for the new restaurant which is located at Hunghom.
  • On 15 October 2020, Entity A paid a training cost of $9,850 for staff at the new Hunghom restaurant.
  • On 15 November 2020, Entity A paid an advertising cost of $65,800 for the opening of the new Hunghom restaurant.
  • On 1 December 2020, Entity A acquired a patent right from Entity C for $366,000 under a 20-year contract.

REQUIRED:

Problem 1: According to relevant accounting standards, prepare journal entries to record the transactions of Entity A on 1 May 2020, 30 June 2020, 15 October 2020, 15 November 2020, 1 December 2020 and 31 December 2020 respectively.

Reference no: EM133010711

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