Can anyone tell me if Utilities expense, Supplies expense, Advertising cost, Shipping cost if any of these are considered short-term assets?
Is prepaid legal fees considered capital expenditure or revenue expenditure?
and lastly I need help with this question:
Show the journal entry, on June 20, that records the value of a patent given the following circumstances:
Developoment cost 240 000
Legal research cost 6 200
Registration cost 8 400

Please can anyone help on any of these question would be greatly appreciated. Thanks in advance.

Sweetiface,

I don't see how any of the first line is an asset. All of those are expenses that you must pay to encourage your business' growth. None of those will add money to your pocket. Your assets must be putting money into your pocket in the end game. Everything listed will help put more money in, but nothing directly. Your asset is the thing that you are doing all of that for that in the end, is giving you money. Otherwise, I consider it a liability. Those are all liabilities.

The unknown is what you are doing there. If it's, for example, a real estate, your asset is the land. The rest is the liability. Put your money into those things if you want to sell it, rent it, or lease it. Other than that, you're just spending in my opinion and not actually earning.

Just a reminder, that's all this is. Just advice. Your own decision should be yours.

I have no advice on the patents as I do not have experience in that area.