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Record the following transactions: During June, 2020 Bobs Bus Co. has the following transactions: June 1 Paid $5,000 in legal fees to defend a patent.
Record the following transactions:
During June, 2020 Bobs Bus Co. has the following transactions: June 1 Paid $5,000 in legal fees to defend a patent.
June 3 Recorded the invoice received for the painting of the interior of a building for $15,000
June 30 Recorded the amortization for the month on the patent. The patent originally cost $55,000 with an estimated useful life of five years and legal life of 20 years.
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