Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.

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The following entries are required to make the Intangible Assets Account clear and create separate accounts for different types of intangibles.
1. For the total intangible assets, debit Intangible Asset account and credit cash are required.
2. Each type of intangible assets should be assigned a separate account.
3. You can have a Debit Intangible asset Account or a Credit Specific Intangible Property Account with the appropriate amount for each type.
4. You can create sub-accounts for multiple assets (e.g. Copyright or Patent).

An example would be $100,000 worth of intangible assets. This could include patents and copyrights, each costing $50,000 and $50,000. They then need to debit or credit the Intangible Assets and Cash accounts ($100,000), respectively. Then they would create two separate accounts – Copyrights & Patents – which they would debit this same time ($50k each) while also crediting back their respective sub-accounts with the same amount.

By taking these steps it helps ensure that all relevant information regarding different types of intangibles is captured in a more organized fashion – allowing them to properly track any changes over time as well as perform better analysis & reporting when needed.

A well-structured accounting system can help you keep your financial records under control and ensure compliance with all legal requirements.; which is why it’s important to take necessary steps towards setting up such system when dealing with various forms of intangibles.

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