A Patent Has Amortization This Year of $2,300

question 120

Multiple Choice

A patent has amortization this year of $2,300. The journal entry would be to:

• A)debit amortization expense-patent, $2,300; credit Accumulated Depreciation-patent, $2,300.
• B)debit accumulated amortization-patent, $2,300; credit patent, $2,300.
• C)debit amortization expense-patent, $2,300; credit patent, $2,300.
• D)debit accumulated amortization-patent, $2,300; credit amortization expense-patent, $2,300.

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Definitions:

Pay Bills

The action of settling obligations or invoices owed to suppliers by a business, often through a specific module or function within accounting software.

Financial Institutions

Organizations that provide financial services, such as banks, credit unions, and insurance companies.

Tax Agencies

Governmental organizations responsible for the administration and collection of taxes and enforcement of tax laws.

Inventory Suppliers

These are the entities or individuals from whom a business purchases its inventory, comprising goods intended for sale.