culator Instruction Chart Of Accounts General Journal nstruction On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15 years. Required: Journalize the adjusting entry on December 31 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles. Ins Chart Of Accounts CHART OF ACCOUNTS On Sterns Co. General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Inventory 117 Supplies 119 Prepaid Insurance 120 Land 121 Equipment 122 Accumulated Depreciation EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 521 Advertising Expense 522 Supplies Expense 523 Delivery Expense 524 Rent Expense 525 Insurance Expense 531 Repairs and Maintenance Expense 541 Depreciation Expense 543 Depletion Expense 132 Goodwill 133 Patents Ins Chart Of Accounts General Journal Journalize the adjusting entry on December 31 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 ACCOUNTING EQUATION JOURNAL LIABILITIES CREDIT DEBIT ASSETS EQUITY POST. REF. DESCRIPTION DATE 2 Ins Chart Of Accounts Gel 120 Land Jou 121 Equipment 122 Accumulated Depreciation 132 Goodwill 133 Patents 523 Delivery Expense 524 Rent Expense 525 Insurance Expense 531 Repairs and Maintenance Expense 541 Depreciation Expense 543 Depletion Expense 544 Amortization Expense 591 Miscellaneous Expense 710 Interest Expense 720 Loss from Impaired Goodwill LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 2 EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends