FERGUS 1948 34 of 65 MULTIPLE CHOICE Adjusting entries never involve: B assets. cash. liabilities. D revenues. 34 of 65 K 30 31 32 33 34 35 36 37 38 > > M Socrative Type here to search o 10 35 of 65 MULTIPLE CHOICE What type of account is Accumulated depreciation and what is its normal balance? Revenue, debit B Expense, debit Contra asset, credit D Liability, credit 35 of 65 K Socrative 36 of 65 MULTIPLE CHOICE Financial statements can be prepared from a(n): A general journal B general ledger unadjusted trial balance. adjusted trial balance. 36 of 65 KK 32 33 34 35 36 37 38 39 40 Th7 FERGUSON1948 37 of 65 FIN MULTIPLE CHOICE The purpose of the depreciation adjustment is to: spread the cost invested in an asset over its useful life. show the current market value of the asset. set up a reserve fund for purchasing a new asset. D expense the full amount of the asset in the year purchased. 37 of 65 Ka 33 34 35 35 37 38 39 40 41 > Socrative here to search o i a * 3 o