On May 1, 2014 Barton Corporation purchased for cash of S37.500 a patent with a useful ife of 10 years. Give the entries to record : a. The purchase of the patent. b The amortizatiOn on December 31 2014 (calculated to the pearest whole month)

On May 1, 2014 Barton Corporation purchased for cash of S37.500 a patent with a useful ife of 10 years. Give the entries to record : a. The purchase of the patent. b The amortizatiOn on December 31 2014 (calculated to the pearest whole month)

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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Question

On May 1, 2014 Barton Corporation purchased for cash of $37.500 a patent with a useful ife of 10 years.
Give the entries to record :
a. The purchase of the patent.
b. The amortization on December 31, 2014 (calculated to the nearest whole month).

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On May 1, 2014 Barton Corporation purchased for cash of $37.500 a patent with a useful ife of 10 years, Give the entries to record: a. The purchase of the patent. b. The amortization on December 31, 2014 (calculated to the nearest whole month). Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format ddimmm (1e. January 15 would be 15/Jan). Ensure accuracy in your calculations and round only your final answer to the nearest whole dollar, Date General Journal Account/Explanation Page GJ2 F Debit Credit