If someone could please help fill this out it be much appreciated **Instructions for Preparing Journal Entries**To accurately record financial transactions, please follow the steps outlined below. All transactions have been completed in cash. Ensure to make any necessary adjusting entries as of December 31, 2022, which includes recording any required amortization.**Guidelines:**- Credit account titles will automatically be indented when an amount is entered.- Do not manually indent any entries.- Record journal entries in the order they are presented.- If no entry is required for a particular transaction, select "No Entry" for the account titles and enter 0 for the amounts.**Journal Entry Template:**| Date | Account Titles and Explanation | Debit | Credit ||-------------|--------------------------------|-------|--------|| 1/2/22 | | | || 4/1/22 | | | || 7/1/22 | | | || 9/1/22 | | | || 12/31/22 | | | |**Date Selection:**A dropdown menu is available for selecting the date for each transaction. The options include:- 1/2/22- 4/1/22- 7/1/22- 9/1/22- 12/31/22Ensure you keep a clear and organized record of all transactions as per the dates provided to maintain accurate accounting records. **Intangible Asset Transactions at Marigold Corp.****Current Transactions Overview:**Marigold Corp., established in 2022, recorded the following transactions related to intangible assets:- **1/2/22:** Purchased a patent with a 7-year life for $528,500.- **4/1/22:** Acquired goodwill, which has an indefinite life, for $360,000.- **7/1/22:** Acquired a franchise with a 10-year life, expiring on 7/1/2032, for $380,000.- **9/1/22:** Incurred research and development costs amounting to $171,000.**Journal Entry Instructions:**Prepare the necessary journal entries to document these transactions. All expenses were paid in cash. Create the adjusting entries dated December 31, 2022, to account for any necessary amortization.**Note:** - Credit account titles will automatically be indented when an amount is inputted.- Do not manually indent entries.- Enter journal entries in the order they appear above.- If no entry is required for a transaction, select "No Entry" and input 0 for the amounts.

Journal entry is a process of recording business transactions in the books of accounts for the first…

Marigold Corp., organized in 2022, has the following transactions related to intangible assets. 1/2/22 Purchased patent (7-year life) $528,500 4/1/22 Goodwill purchased (indefinite life) 360,000 7/1/22 Acquired 10-year franchise; expiration date 7/1/2032 380,000 9/1/22 Incurred research and development costs 171,000 (a1) Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Marigold Corp., organized in 2022, has the following transactions related to intangible assets. 1/2/22 Purchased patent (7-year life) $528,500 4/1/22 Goodwill purchased (indefinite life) 360,000 7/1/22 Acquired 10-year franchise; expiration date 7/1/2032 380,000 9/1/22 Incurred research and development costs 171,000 (a1) Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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