Last year, BOC purchased software for $10,000. The expected life of the software is 2 years and it has no expected salvage value. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this software during the year. Which journal entry reflects the adjusting entry needed on December 31? a. Dr: Software Amortization Expense, 5,000; Cr: Software, 5,000. b. No entry is needed. c. Dr: Software Amortization Expense, 5,000; Cr: Cash, 5,000. d. Dr: Software Amortization Expense, 5,000; Cr: PP&E, 5,000. e. Dr: Software Amortization Expense, 5,000; Cr: Software Revenue, 5,000.

Last year, BOC purchased software for $10,000. The expected life of the software is 2 years and it has no expected salvage value. Now, it is December 31, the end of the fiscal year. No other entries were recorded for this software during the year. Which journal entry reflects the adjusting entry needed on December 31? a. Dr: Software Amortization Expense, 5,000; Cr: Software, 5,000. b. No entry is needed. c. Dr: Software Amortization Expense, 5,000; Cr: Cash, 5,000. d. Dr: Software Amortization Expense, 5,000; Cr: PP&E, 5,000. e. Dr: Software Amortization Expense, 5,000; Cr: Software Revenue, 5,000.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 15E: The following are independent errors: a. In January 2019, repair costs of 9,000 were debited to the...

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