3.4. The depreciation expense ledger account is classified as an asset account. a) True b) False 3.5. The balance in the accumulated depreciation account represents the current year depreciation expensc a) True b) False 3.6. The book value of all equipment owned by a business would be comprised of the equipment ledger account balance less the related accumulated depreciation ledger account balance. a)True b)False 3.7. The accumulated depreciation ledger account normally has a credit balance and is therefore classified as an owner's equity account. a) Trueb) False 3.8. The accumulated depreciation ledger account normally has a credit balance and is therefore classified as a liability account. a) True b) False Q/4. Signify "True" or "False" as applicable for each of the following items as they pertain to adjusting entries. 4.1. Assume an adjusting entry is being recorded where salary expense is being debited. The offsetting credit would most likely be to cash. a) True b) False 4.2. Assume an adjusting entry is being recorded where uneaned revenue is being debited. The offsetting credit would most likely be to revenue. a) True b) False