Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer the following questions Question 1 (10 points) The adjusting entry for depreciation of building for the year includes a credit to Accumulated Depreciation--Building

image text in transcribed
image text in transcribed
image text in transcribed
please answer the following questions
Question 1 (10 points) The adjusting entry for depreciation of building for the year includes a credit to Accumulated Depreciation--Building for $7,500. True False Question 2 (10 points) In the journal entry for depreciation of equipment for the year, the credit to Accumulated Depreciation--Equipment is increasing that account. True False Question 3 (10 points) The adjusting entry for accrued salaries and wages includes a credit to an expense account. True False Question 4 (10 points) The amount of the debit and credit in the adjusting entry for unexpired insurance at August 31 is $6,000. True False Question 5 (10 points) In the adjusting entry for unexpired insurance at August 31, the credit to the Prepaid Insurance account is increasing that account. True False Question 6 (10 points) In the adjusting entry for fees earned but unbilled, the debit to Accounts Receivable is increasing that account. True False Question 7 (10 points) In the adjusting entry for fees earned but unbilled, the credit to Fees Earned is decreasing that account. Question 8 (10 points) In the adjusting entry for supplies on hand at August 31, Supplies Expense should be debited for $1,500. True False Question 9 (10 points) The amount of the debit and credit in the adjusting entry for rent unearned at August 31 is $1,550. True False Question 10 (10 points) In the adjusting entry for rent unearned at August 31, the credit to Rent Revenue is increasing that account. True False

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

College Accounting

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

11th edition

978-1111528300, 1111528128, 1111528306, 978-1111528126

More Books

Students also viewed these Accounting questions