5. Debits and Credits Intangibles & Goodwill

Entry to record customer list amortization

Debit Customer List Amortization Expense, Credit Customer List (or Accumulated Customer List Amortization)

Entry to record legal fees for a patent

Debit Patents, Credit Cash for legal fees

Entry to record amortization expense for a patent

Debit Amortization Expense, Credit Patents (or Accumulated Patent Amortization)

Entry for the company that buys another company when the company has goodwill

Debit all tangible and intangible asset accounts, Debit Goodwill (price above fair value of assets), Credit Liabilities if any, Credit Cash for amount paid

Entry to record impairment loss on a limited life intangible

Debit Loss on impairment, Credit the asset account (such as Patent).