Annual depreciation is $$3,300$ on the lodge and $$2,400$ on the furniture. Determine one month for both.

A$.$ Accumulated Depreciation $500,$ Depreciation Expense $500$

B$.$ Depreciation Expense $475,$ Accumulated Depreciation, Lodge $275,$ Accumulated Depreciation, Furniture $200$

C$.$ Accumulated Depreciation $475,$ Depreciation Expense $475$

D$.$ Depreciation Expense $500,$ Accumulated Depreciation $500$

Insurance expires at a rate of $$400$ a month.

A$.$ Prepaid Insurance $400,$ Insurance Expense $400$

B$.$ Insurance Expense $200,$ Cash $200$

C$.$ Insurance Expense $400,$ Prepaid Insurance $400$

D$.$ Prepaid Insurance $200,$ Cash $200$

Supplies on hand amount to $$1,000.$

A$.$ Prepaid Supplies $1,000,$ Supplies $1,000$

B$.$ Supplies $900,$ Cash $900$

C$.$ Supplies Expense $1,000,$ Supplies $1,000$

D$.$ Supplies Expense $900,$ Supplies $900$

An adjusting entry would adjust revenue so it is reported when earned and not when cash is received.

A$.$ True

B$.$ False

The matching concept supports matching expenses with the related revenues.

True

B$.$ False

The balance in the credit and debit columns for the adjusted trial balance is $$114,175.$

A$.$ True

B$.$ False

A contra asset account for Land will normally appear in the balance sheet.

A$.$ True

B$.$ False

The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the accrual basis of accounting.

$($A$.)$ True

B$.$ False