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T his Subject is Financial Accounting please give me proper and accurate answer according to the questions soon as possible don't copy from other i
This Subject is Financial Accounting please give me proper and accurate answer according to the questions soon as possible don't copy from other i will give you thumb
Question no 4 20 B) Karla Jones works for Biscuit Co. She and Olivia Tunner, her manager, are preparing adjusting entries for annual financial statements. Jones computes depreciation and records it as Depreciation Expense Equipment .. ..... 73,000 Accumulated Depreciation Equipment ......... 73,000 Tunner agrees with her computation but says the credit entry should be directly to the Equipment account. Tunner argues that while accumulated depreciation is technically correct, it is less hassle not to use a contra account and just credit the Equipment account directly. And besides, the balance sheet shows the same amount for total assets under either method. Required: 1. How should depreciation be recorded and who is correct in your opinionStep by Step Solution
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