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:

Real Estate

Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water.

Truck Driver

An individual professionally licensed to operate trucks and responsible for transporting goods over short or long distances.

Employee

An individual who works under a contract of employment, receiving compensation for providing services to an employer.

Third Party

An individual or group besides the two primarily involved in a situation or contract, often implicated in legal or financial transactions.