Pharoah Company purchases a patent for $146,000 cash on January 2, 2024. Its legal life is 20 years and its estimated useful life is 8 years. (a) Record the purchase of the patent on January 2, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Debit Credit Jan. 2
Pharoah Company purchases a patent for $146,000 cash on January 2, 2024. Its legal life is 20 years and its estimated useful life is 8 years. (a) Record the purchase of the patent on January 2, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Debit Credit Jan. 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Pharoah Company purchases a patent for $146,000 cash on January 2, 2024. Its legal life is 20 years and its estimated useful life is 8
years.
(a)
Record the purchase of the patent on January 2, 2024. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry
before credit entry.)
Date Account Titles
Jan.
2
Debit
Credit
List of Accounts](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F745d812f-13af-41c4-b764-f9742f99b3cd%2F4b9b2cb6-9ff5-4e07-9ff2-6b490b497dfc%2F7oyzr0j_processed.png&w=3840&q=75)
Transcribed Image Text:Pharoah Company purchases a patent for $146,000 cash on January 2, 2024. Its legal life is 20 years and its estimated useful life is 8
years.
(a)
Record the purchase of the patent on January 2, 2024. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry
before credit entry.)
Date Account Titles
Jan.
2
Debit
Credit
List of Accounts
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