Intangible Assets Account Titles and Explanation Debit Credit (To clear the Inta

Question

Intangible Assets Account Titles and Explanation Debit Credit (To clear the Intangible Assets) (To record current amount for Franchises) (To record current amount for Rents) (To record current amount for Patents) Question 4 Reichenbach Co., organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012 and 2013. Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2013, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore income tax effects.)

Explanation / Answer

Franchises-------------------------------------------------58,000
Prepaid Rent--------------------------------------------- 26,760
Retained Earnings (Organization Costs of
$6,390 in 2011)------------------------------------------6,390
Retained Earnings ($17,540

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