C) The company's expenses were greater than revenues. D) None of the above are correct. 45) Tim's Electrical Service purchased tools for $2,000. They have an expected life of 20mon no residual value. The adjusting journal entry for the month is A) Accumulated Depreciation Depreciation Expense B) Accumulated Depreciation Equipment C) Depreciation Expense Accumulated Depreciation D) Depreciation Expense 100 Equipment 100 100 100 100 100 100 100 ESSAY. Write your answer in the space provided or on a separate sheet of paper. 46) Why are certain accounts called temporary accounts? 47) What are the major goals of the closing process? MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the ques