The journal entry to record the amortization of an intangible asset includes a:
A)debit to Depreciation Expense.
B)debit to Amortization Expense.
C)credit to Equipment.
D)debit to Goodwill.

Question

Quizplus · Accepted Answer

Amortization is recorded with a debit to Amortization Expense (to increase that expense account)and a credit to Accumulated Amortization (to increase that contra-asset account)or a credit to the intangible asset account.

The Journal Entry to Record the Amortization of an Intangible