Horace Greeley Corporation was organized in 2013 and began operations at the beginning of 2014.

| June 13, 2016

Question
E12-8Horace Greeley Corporation was organized in 2013 and began operations at the beginning of 2014. 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

$15,000

Purchase of drafting and design equipment

10,000

Costs of meetings of incorporators to discuss organizational activities

7,000

State filing fees to incorporate

1,000

$33,000

Compute the total amount of organization costs incurred by Greeley.

Total organization costs $

Prepare the journal entry to record organization costs for 2014.

Account Titles and Explanation

Debit

Credit

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