Accounting
prepare the necessary journal entries to clear the intangible asset account for separate intangible assets, other types of assets,and expenses indicated by the transactions
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Intangible Assets:
Debit: Intangible Assets ____________ Credit: Cash ____________
Explanation: This journal entry is used to clear the intangible asset account by transferring the value of the asset to cash.
Other Types of Assets:
Debit: Other Assets ____________ Credit: Cash ____________
Explanation: This journal entry is used to clear the other asset account by transferring the value of the asset to cash.
Expenses:
Debit: Expenses ___________ Credit: Cash ___________
Explanation: This journal entry is used to clear the expense account by transferring the value of the expense to cash.
