Depreciation on machinery will be debited in which account? A. Cash Account B. Balance Sheet C. Depreciation Account D. Machinery Account

Step 1:The correct answer is C. Depreciation Account. Depreciation on machinery will typically be…

Answered: Depreciation on machinery will be…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 7QY: Accumulated Depreciation, Equipment is reported a. on the income statement as an expense. b. on the...

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Similar questions

Depreciation on machinery is debited to: A. Machinery a/cB. Profit and loss a/cC. Depreciation a/cD. Expenses and loss a/c
The following is an example of a contra account: Select one: Equipment Equipment expense Accounts payable Accumulated depreciation
The entry to record depreciation includes a debit to the ________ account. A. Depreciation Expense B. Cash C. Equipment D. Accumulated Depreciation
Which of the following is the correct journal entry to record depreciation expense? Debit Equipment Credit Depreciation Expense Debit Depreciation Expense Credit Cash Debit Depreciation Expense Credit Accumulated Depreciation Debit Accumulated Depreciation Credit Depreciation Expense
what type of account accumulated depreciation? and depreciation expense is and on what statement each account goes?
The amount of asset cost assigned as an expense to a particular period is called: a. Depreciation b. Reserves c. Loss of credit d. Provisions
Which of the following accounts would be classified as a fixed (property, plant and equipment asset)? Group of answer choices equipment accounts receivable cash accounts payable
Normal expenditures for repairs and maintenance to plant and equipment are accounted for by a.debiting Cash and Supplies Inventory and crediting Equipment. b.debiting Cash and Supplies Inventory and crediting Repairs Expense. c.debiting Repairs Expense and crediting Cash and Supplies Inventory. d.debiting Equipment and crediting Cash and Supplies Inventory.
Accumulated depreciation, equipment is reported: Select one: On the balance sheet as a subtraction from the related asset account On the income statement as an expense On the balance sheet as an addition to total assets On the income statement as revenue
Which of the following costs are reported on a company’s income statement andbalance sheet?Income statement Balance sheeta. Cost of goods sold Accumulated depreciationb. Accumulated deprecation Landc. Gain on sale of land Cost of goods soldd. Goodwill Accounts payable
When recording the depreciation of equipment in a journal entry using the straight-line method, what accounts are typically involved? A) Debit: Accumulated Depreciation; Credit: EquipmentB) Debit: Equipment; Credit: Depreciation ExpenseC) Debit: Accumulated Depreciation; Credit: Depreciation ExpenseD) Debit: Depreciation Expense; Credit: Equipment
What is the main function of depreciation accounting?

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