College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 5QY
On the work sheet,
- a. Adjusted
Trial Balance , Credit - b. Income Statement, Debit
- c. Balance Sheet, Debit
- d. Income Statement, Credit
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When writing journal entries for recording assets, what is the end result in the account:
Group of answer choices
Aggregate cost of the asset
Cost, net of preparation costs.
Proceeds paid to employees
Only the net depreciable costs
The entry to record depreciation includes a debit to the ________ account.
A.
Depreciation Expense
B.
Cash
C.
Equipment
D.
Accumulated Depreciation
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
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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- On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Creditarrow_forward1. List the following classifications of accounts in all of the columns in which they appear on the work sheet, with the exception of the Adjustments columns. (Example: Assets) 2. List Net Income in the appropriate columns.arrow_forwardAccumulated Depreciation, Equipment is reported a. on the income statement as an expense. b. on the balance sheet as an addition to total assets. c. on the income statement as a revenue. d. on the balance sheet as a subtraction from the related asset account.arrow_forward
- 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: Equipmentarrow_forwardWhich 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 Expensearrow_forwardThe amount of asset cost assigned as an expense to a particular period is called: a. Depreciation b. Reserves c. Loss of credit d. Provisionsarrow_forward
- what type of account accumulated depreciation? and depreciation expense is and on what statement each account goes?arrow_forwardCompute the consignment income to be reported by the consignorarrow_forwardPrepare a corrected, classified balance sheet. Use the additional information to help determine appropriate classifications and account balances. The cost of machinery and its accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign.arrow_forward
- Accumulated Depreciation appears on the... Select one: a. balance sheet in the long-term liabilities section b. income statement as an operating expense c. balance sheet in the property, plant, and equipment section d. balance sheet in the current assets sectionarrow_forwardWhich of the following costs are reported on a company’s income statement and balance sheet? Select one: a. Cost of goods sold; Accumulated depreciation b. Gain on sale of land; Cost of goods sold c. Goodwill; Accounts payable d. Accumulated deprecation; Landarrow_forwardThe following is an example of a contra account: Select one: Equipment Equipment expense Accounts payable Accumulated depreciationarrow_forward
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