Question

A company plans to amortize an intangible asset. when they journalize the amortization amount, they should debit an expense account and credit

Answer 1

A company plans to amortize an intangible asset, when they journalize the amortization amount, they should debit an expense account and credit an accumulated amortization account. The standard practice for accounting for amortization expense is to debit an amortization expense account and credit an accumulated amortization account.