When a patent is amortized, the credit is usually made to
A) the Patents account.
B) an Accumulated Amortization account.
C) an Accumulated Depreciation account.
D) an expense account.

Question

Quizplus · Accepted Answer

Amortization of a patent involves reducing the carrying amount of the intangible asset (patent) over its useful life. The credit is made to the Patents account to decrease its value on the balance sheet.

When a Patent Is Amortized, the Credit Is Usually Made