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    funmifavor's Avatar
    funmifavor Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 17, 2009, 06:26 PM
    Intangible asset
    How do I prepare journal entries to clear intangible asset account
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    Feb 17, 2009, 07:48 PM

    Intangible Asset Account is an ASSET.
    If it is an asset, it must be in DEBIT.

    The intangible asset account represents
    Either:-
    Goodwill or
    Formation Expenses.

    The Journal entry:

    DEBIT Write off goodwill in P & L a/c XXXX
    CREDIT Intangible Asset a/c XXXX
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