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Help with accounting

label Accounting
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A company purchases a patent for $50,000. The patent will be amortized over five years. The entry to record the amortization in the first year is which of the following?
A. Debit Patents $50,000; credit Cash $50,000
    
B. Debit Amortization of Patents $10,000; credit Patents $10,000
    
C. Debit Amortization of Patents $50,000; credit Patents $50,000
    
D. Debit Patents $10,000; credit Amortization of Patents $10,000

Oct 19th, 2017

B. Debit Amortization of Patents $10,000; credit Patents $10,000

Apr 28th, 2015

thanks for your help

Apr 28th, 2015

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