The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during the period d market value of the asset useful life 11. Accumulated Depreciation is a. an expense account b. an owner's equity account. C a liability account d a contra asset account 12. If business pays rent in advance and debits a Prepaid Rent account the company receiving the rent payment will credit a cash. b prepaid rent o unearned rent revenue d. rent revenue. 13 Uneamed revenue is classified as an asset account b a revenue account. c. a contra-revenue account. d a liability account 14. The difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the a market value of the asset b blue book value of the asset c book value of the asset d depreciated difference of the asset. 15 Book value is also referred to as a accumulated depreciation b, carrying value. c. fair value d original cost. 16. On January 1, 2010, Miraz Company purchased furniture for $7,000. The company expects to use the furniture for 3 years. The asset has no salvage value. The book value of the furniture at December 31, 2020 is . b. $2,600 c. $5.200 d. $7,800 17. On January 1, 2019, Murphy Inc purchased equipment for $38.400. The company is depreciating the equipment at the rate of $800 per month At January 31, 2020, the balance in Accumulated Depreciation is $800 b $9.600 c $10.400 d $28.000 Transactions are entered in the ledger first and then they are analyzed in terms of their effect on the accounts. 18. 19. a revenue account is credited, the revenue account is increased 20. The normal balance of all accounts is a debit