Perry Inc was organized in the current year Cash expenditures included the following Professional fees (attorney fees) for articles of incorporation $28,000 Professional fees (accounting fees) to research tax status of organization 21,000 Meetings and promotional activities incidental to organizati...

To prepare the summary journal entry for the cash expenditures related to the startup of Perry Inc w ...

Perry Inc. was organized in the current year. Cash expenditures included the following. Professional fees (attorney fees)

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Perry Inc. was organized in the current year. Cash expenditures included the following.

Professional fees (attorney fees) for articles of incorporation	$28,000
Professional fees (accounting fees) to research tax status of organization	21,000
Meetings and promotional activities incidental to organization	21,000
Filing and related fees	7,000
Purchase of office equipment	70,000

Required
Prepare a summary journal entry to record these cash expenditures related to the startup of the new company.