Answered Essay: Brief Exercise 12-4 Cheyenne Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $128,000 on April 1, 2017. The franchise grants Cheyenne the right to sell certain products and services for a period of 8 years. Prepare Cheyenne's April 1 joumal entry and December 31 adjusting entry. (Credit account titles are ?utomatically Indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. If no entry Is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation 2-9 2-10 2-11 Click if you would like to Show Work for this question:Open Show Wark LINK TO Question Attempts: 0 of 4 used SAVE FOR LATER SUBMIT ANSWER y Study wiley & Suns Inc, All R Version 4.24.62 Ci MacBook Pro B0888 a 3 W E 0

Brief Exercise 12-4 Cheyenne Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $128,000 on April 1, 2017. The franchise grants Cheyenne the right to sell certain products and services for a period of 8 years. Prepare Cheyenne’s April 1 joumal entry and December 31 adjusting entry. (Credit account titles are ?utomatically Indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem. If no entry Is required, select “No Entry” for the account titles and enter for the amounts.) Date Account Titles and Explanation 2-9 2-10 2-11 Click if you would like to Show Work for this question:Open Show Wark LINK TO Question Attempts: 0 of 4 used SAVE FOR LATER SUBMIT ANSWER y Study wiley & Suns Inc, All R Version 4.24.62 Ci MacBook Pro B0888 a 3 W E 0

Expert Answer

 

Date account titles and explanation debit credit
April 1 2017 Franchise 128000
Cash 128000
December 31 2017 Franchise Amortization expense 12000
Franchise (128000/8*9/12) 12000
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