11. For the adjusting entry related to depreciation you should debit depreciation expense and credit accumulated depreciation.

True

False

12. Expenses that have been incurred but not yet paid are called accrued expenses

True

False

13. For the supplies adjusting entry you should debit supplies expenses and credit _______.

Cash

accounts payable

supplies

Supplies expenses

14. Insurance expired in April for $300. You should debit the account _____and credit prepaid insurance.

Insurance expense

Cash

Prepaid insurance

Account receivable

15. Permanent account are reset at the end of the accounting period:

True

False

16. An asset that is expected to last for more than one year:

Contra account

Depreciation expenses

Fixed asset

Unearned revenue