Question

basic research to develop the technology$2,750,000 engineering design work 830,000 development of a prototype device 450,000 acquisition of equipment 75,000 testing and modification of the prototype 350,000 legal and other fees for patent application on the new communication system 55,000 legal fees for successful defense of the new patent 35,000 total$4,545,000

Answer 1

A mistake that was recorded in your books is fixed by an accounting correcting entry.

In order to document a business transaction in the accounting records of the company, a journal entry is used. The general ledger typically contains a journal entry.
A journal entry known as a "correcting entry" is created to correct a mistaken transaction that has already been added to the general ledger. For instance, it's possible that the monthly depreciation entry was made to the amortisation expense account incorrectly. Or you might post an entry in the incorrect account or enter the incorrect amount for a transaction. As soon as you notice an error, you need to make a journal entry to correct it. Making corrections to entries guarantees the accuracy of your financial records.

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