Which of the following statements is not correct? 

Multiple Choice 

The cost less the salvage value equals the depreciable base of a long-term asset. 

Each adjustment for an accrued expense includes a credit to a liability account. 

Uncollectible Accounts Expense is a contra asset account. 

If a firm records prepaid expense items in an expense account when they pay for them, their adjustment at the end of the period to record the unexpired portion would include a debit to an asset account and a credit to an expense account.