244
Accounting for the purchase of a client list - information
11/6/09 5:55 PM
Total Views: 33
Total Views: 33
i purchased a list of clients for a route based business for $36K. do you know how I should record this? I am paying the person I bought them from $1K/month for 3 years. thank you - Jacob
All Replies: Answers (1)
Rating 0
Answer
11/7/09 9:15 AM
This is recorded as a fixed asset and amortized over 180 months. Your entry would be to debit a fixed asset account for Client list and credit a LT liability account for Note payable.
Marc Barnes
To learn more about Copper Canyon Tax, please visit our website.
I hope this helps you, if it is please mark this as solved or helpful. If it does not answer your question, please include more information or additional questions so we may better assist you.
