The net income or loss is calculated on which financial statement? A) statement of retained earnings

B) balance sheet C) dividends statement

D) income statement

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The entry to write off an Account Receivable under the allowance method: A) reduces total assets and increases net income.

B) reduces net income and total assets. C) increases net income and total assets.

D) has no effect on total assets and net income.

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The journal entry to record depreciation expense for equipment is: A) debit Accumulated Depreciation - Equipment, credit Equipment. B) debit Depreciation Expense - Equipment, credit Accumulated Depreciation - Equipment. C) debit Depreciation Expense, credit Equipment. D) debit Equipment, credit Accumulated Depreciation - Equipment.

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