Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Name 1. Accumulated Depreciation, Equipment, is shown as atn) a. expense on the income statement b. liability on the balance sheet c deduction from net

image text in transcribed
Name 1. Accumulated Depreciation, Equipment, is shown as atn) a. expense on the income statement b. liability on the balance sheet c deduction from net income on the statement of owner's equity d. contra account on the balance sheet. e. addition to equipment on the balance sheet 2. Accrued wages are wages that a have been earned by employees but not paid b. have been paid c. have been neither earned by employees nor paid. d. were earned by employees and have been paid e have been paid but not earned by employees 3. The type of account and normal balance of Accumulated Depreciation are contra asset, debit. a. b. asset, credit c. asset, debit. d. liability, credit. e contra asset, credit. 4. The adjusting entry to record depreciation of equipment is a. debit Accumulated Depreciation; credit Depreciation Expense. b. debit Depreciation Expe nse; credit Accumulated Depreciation. c. debit Equipment; credit Accumulated Depreciation. d. debit Depreciation Expense; credit Depreciation Payable. e. debit Accumulated Depreciation; credit Equipment 5. If the Income Statement Debit and Credit columns on a work sheet are not equal after adding the respective columns, a. an error has been made. the company generated a net income. the company incurred a net loss. the liabilities must exceed the assets. b. c. d. e. the company either generated a net income or incurred a net loss. 6. The Income Statement Debit column of the work sheet contains a. expense account balances. b. asset account balances. c. liability account balances. revenue account balances. contra-asset account balances. d. e

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An Introduction

Authors: Alex Watson, Jacqui Kew

5th Edition

0190425520, 978-0190425524

More Books

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago

Question

Did you include SEC required financial data?

Answered: 1 week ago