The entry to record amortization of a customer list in the amount of $4,500 is as follows:
A)Amortization (or Selling) Expense ................4,500
Customer List ...........................4,500
B)Finished Goods Inventory .....................4,500
Customer List ..............................4,500
C)Work-in-Process Inventory ................. 4,500
Customer List .......................4,500
D)Amortization (or Selling) Expense ..........4,500
Allowance for Amortization of Customer List ..............4,500
E)Work-in-Process Inventory ................ 4,500
Allowance for Amortization of Customer List ...............4,500

Question

The entry to record amortization of a customer list in the amount of $4,500 is as follows:
A)Amortization (or Selling) Expense ................4,500 
Customer List ...........................4,500
B)Finished Goods Inventory .....................4,500 
Customer List ..............................4,500
C)Work-in-Process Inventory ................. 4,500 
Customer List .......................4,500
D)Amortization (or Selling) Expense ..........4,500 
Allowance for Amortization of Customer List ..............4,500
E)Work-in-Process Inventory ................ 4,500 
Allowance for Amortization of Customer List ...............4,500

Quizplus · Accepted Answer

Amortization (or Selling) Expense is the account used to record the periodic amortization of intangible assets like customer lists. Customer List account should be debited for $4,500, representing the amount of amortization.

The Entry to Record Amortization of a Customer List in the Amount