FMovies | Watch M.. O BIO201 Connect 10. M Gmail > YouTube Fourth Homework O eBook Patents 6. MC.12.06 Instructions Chart Of Accounts General Journal 7. MC.12.07 Instructions 8. МC.12.08 Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for $72,000. The patent has a remaining legal life of 9 years. 9. МC.12.09 Required: 10. MC.12.10 Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the 11. RE.12.01.BLANKSHEET straight-line method over the life of the asset. 12. RE.12.02 13. RE.12.03.BLANKSHEET 14. RE.12.04.BLANKSHEET 15. RE.12.05.BLANKSHEET 16. RE.12.06.BLANKSHEET

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
u Online Cour X
(78) Whats x
M Your AccOL X
M Inbox (2,74 X
SP2021-AC X
i3 My Home
* CengageN X
Bartleby Q x
+
Answered
D X
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true
FMovies | Watch M.
BIO201 Connect 10.
Gmail
> YouTube
Fourth Homework
O eBook
Mystic Pizza Company
6. MC.12.06
General Ledger
7. MC.12.07
ASSETS
REVENUE
8. MCС.12.08
111 Cash
411 Sales Revenue
9. МC.12.09
121 Accounts Receivable
141 Inventory
EXPENSES
10. MC.12.10
152 Prepaid Insurance
500 Cost of Goods Sold
11. RE.12.01.BLANKSHEET
181 Equipment
511 Insurance Expense
189 Accumulated Depreciation
512 Utilities Expense
12. RE.12.02
191 Patent
521 Salaries Expense
532 Bad Debt Expense
13. RE.12.03.BLANKSHEET
LIABILITIES
533 Amortization Expense
14. RE.12.04.BLANKSHEET
211 Accounts Payable
540 Interest Expense
231 Salaries Payable
541 Depreciation Expense
15. RE.12.05.BLANKSHEET
250 Unearned Revenue
559 Miscellaneous Expenses
16. RE.12.06.BLANKSHEET
261 Income Taxes Payable
910 Income Tax Expense
17. RE.12.07.BLANKSHEET
EQUITY
18. RE.12.08
311 Common Stock
331 Retained Earnings
O V O 12:53
Transcribed Image Text:u Online Cour X (78) Whats x M Your AccOL X M Inbox (2,74 X SP2021-AC X i3 My Home * CengageN X Bartleby Q x + Answered D X A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FMovies | Watch M. BIO201 Connect 10. Gmail > YouTube Fourth Homework O eBook Mystic Pizza Company 6. MC.12.06 General Ledger 7. MC.12.07 ASSETS REVENUE 8. MCС.12.08 111 Cash 411 Sales Revenue 9. МC.12.09 121 Accounts Receivable 141 Inventory EXPENSES 10. MC.12.10 152 Prepaid Insurance 500 Cost of Goods Sold 11. RE.12.01.BLANKSHEET 181 Equipment 511 Insurance Expense 189 Accumulated Depreciation 512 Utilities Expense 12. RE.12.02 191 Patent 521 Salaries Expense 532 Bad Debt Expense 13. RE.12.03.BLANKSHEET LIABILITIES 533 Amortization Expense 14. RE.12.04.BLANKSHEET 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 15. RE.12.05.BLANKSHEET 250 Unearned Revenue 559 Miscellaneous Expenses 16. RE.12.06.BLANKSHEET 261 Income Taxes Payable 910 Income Tax Expense 17. RE.12.07.BLANKSHEET EQUITY 18. RE.12.08 311 Common Stock 331 Retained Earnings O V O 12:53
u Online Cour X
(78) Whats x
M Your AccoL X
M Inbox (2,74 X
SP2021-AC X
Answered:
Ek My Home
* CengageN X
Bartleby Q x
+
D X
A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true
FMovies | Watch M.
BIO201 Connect 10.
M Gmail
> YouTube
Fourth Homework
O eBook
Patents
6. MC.12.06
Instructions
Chart Of Accounts
General Journal
7. MC.12.07
Instructions
8. MCС.12.08
Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019,
$72,000. The patent has a remaining legal life of 9 years.
9. МC.12.09
Required:
10. MC.12.10
Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the
11. RE.12.01.BLANKSHEET
straight-line method over the life of the asset.
12. RE.12.02
13. RE.12.03.BLANKSHEET
14. RE.12.04.BLANKSHEET
15. RE.12.05.BLANKSHEET
16. RE.12.06.BLANKSHEET
17. RE.12.07.BLANKSHEET
18. RE.12.08
O V I 12:52
Transcribed Image Text:u Online Cour X (78) Whats x M Your AccoL X M Inbox (2,74 X SP2021-AC X Answered: Ek My Home * CengageN X Bartleby Q x + D X A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FMovies | Watch M. BIO201 Connect 10. M Gmail > YouTube Fourth Homework O eBook Patents 6. MC.12.06 Instructions Chart Of Accounts General Journal 7. MC.12.07 Instructions 8. MCС.12.08 Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, $72,000. The patent has a remaining legal life of 9 years. 9. МC.12.09 Required: 10. MC.12.10 Prepare the journal entries to record the acquisition and the amortization for 2019, assuming Mystic Pizza amortizes its patents using the 11. RE.12.01.BLANKSHEET straight-line method over the life of the asset. 12. RE.12.02 13. RE.12.03.BLANKSHEET 14. RE.12.04.BLANKSHEET 15. RE.12.05.BLANKSHEET 16. RE.12.06.BLANKSHEET 17. RE.12.07.BLANKSHEET 18. RE.12.08 O V I 12:52
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