Intangible Assets: Intangible assets are those assets that are invisible by nature but are there such as goodwill , and patents. They give a particular company long term benefits and privileges. Journal Entries : Journal entries are the entries that are made in the books of accounts to record every transaction that happens in the business in the chronological order. Accounting rules for journal entries : To Increase balance of the account : Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To Decrease balance of the account : Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. To prepare: Journal entries.

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Chapter 8, Problem 19E

To determine

Intangible Assets:

Intangible assets are those assets that are invisible by nature but are there such as goodwill, and patents. They give a particular company long term benefits and privileges.

Journal Entries:

Journal entries are the entries that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To Increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To Decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

To prepare: Journal entries.

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