General Journal 2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank. Page: 1 DATE 1 20- Dec. 31 Patent Amortization (Expense) Cash x 2 3 Patents 4 Dec. 31 Copyright Amortization (Expense) Cash 5 6 7 Dec. 31 8 9 ACCOUNT TITLE x Copyrights Franchise Amortization (Expense) Cash Franchise X DOC. POST. NO. REF. DEBIT 1,000 2,250 5,000 CREDIT 1 1,000 ✓ 2 3 4 2,250 ✔ 5 6 7 5,000 ✔ 8 9
General Journal 2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank. Page: 1 DATE 1 20- Dec. 31 Patent Amortization (Expense) Cash x 2 3 Patents 4 Dec. 31 Copyright Amortization (Expense) Cash 5 6 7 Dec. 31 8 9 ACCOUNT TITLE x Copyrights Franchise Amortization (Expense) Cash Franchise X DOC. POST. NO. REF. DEBIT 1,000 2,250 5,000 CREDIT 1 1,000 ✓ 2 3 4 2,250 ✔ 5 6 7 5,000 ✔ 8 9
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

Transcribed Image Text:General Journal
2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank.
Page: 1
DATE
1 20-- Dec. 31 Patent Amortization (Expense)
2
Cash
X
3
Patents
4 Dec. 31
Copyright Amortization (Expense)
Cash
СЛ
6
7 Dec. 31
8
ACCOUNT TITLE
6
X
Copyrights
Franchise Amortization (Expense)
Cash
Franchise
X
DOC. POST.
NO. REF.
DEBIT
1,000
2,250
5,000
CREDIT
1
1,000 ✓ 2
3
4
2,250 ✔ 5
6
7
5,000 ✔ 8
9

Transcribed Image Text:Calculations
1. Using the straight-line method, calculate the amortization of the patent, copyright, and Franchise.
a. Patent
1,000 ✓
b. Copyright
2,250
c. Franchise
5,000
10,000 X
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education