Question 1 On December 31, 2017, Marigold Cabs Incorporated was granted 11 taxi

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Question 1 On December 31, 2017, Marigold Cabs Incorporated was granted 11 taxi licences by the City of Somerdale, at a cost of $1,030 per licence. It is probable that Marigold Cabs will receive the expected future economic benefits of the taxi licences. There is an active market for taxi licences in Somerdale. Prepare the journal entry to record the costs incurred. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 SHOW LIST OF ACCOUNTS Question Attemnts: 0 of 3 used SAYF FOR IATFR

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit dec 31,2017 License a/c (1030*11) 11330 Cash a/c 11330 (To record license purchase)

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