To record an intangible asset in a journal entry, you typically debit the intangible asset account for the purchase price or cost incurred to acquire it. If applicable, you also debit any related costs, such as legal fees or registration costs. The corresponding credit would usually be made to cash or Accounts Payable, depending on how the asset was financed. For example, if a company purchases a patent for $10,000, the journal entry would be: Debit Patent $10,000 and Credit Cash $10,000.
Debit amortization expensesCredit intangible assets
Debit fixed assetsCredit donations / retained earnings
debit asset and credit asset revaluation
When a typewriter is given as a gift, there is no journal entry for the giver, as it does not impact their financial records. However, if the recipient were to record the receipt of the typewriter as an asset, the journal entry would be a debit to the asset account (Typewriter) for the fair market value of the typewriter and a credit to a gift income account for the same amount. This reflects the increase in assets due to the gift received.
[Debit] Debt Account xxxx [Credit] Asset/Equipment xxxx
[Debit] Asset / goods in kind [Credit] Share Capital
[Debit] Cash / bank xxxx [Credit] Sale of donated asset xxxx
debit donationcredit fixed asset
Debit Asset accountCredit retained earnings
Journal entry is the basic transaction to record the business transaction and without journal entry no record can be maintained.
Debit is to depreciation expense.
Debit cash / bank / asset in kind xxxx credit partner capital account xxxx