Use the font The Accumulated Depreciation account is: A) a record of the sum of all the depreciation expense 8) the price quoted to the buyer of a C) an expense account. D) the expense account 19. recorded used asset used to expense the cost of an asset. 20. On January 1, 2017, the Accounts Receivable of Linda Company had a debit balance of s2o,000 r $600,000 on account. The company collected What was the ending balance in the S250,000 from its customers on account in January. Accounts Receivable account at the end of January? During January, the company provided services fo A) $350,000 B) S62,000 C) 5370,000 D) $600,000 21. Qwerty Inc. prepaid $3,600 on November 1,2017 for a one-year insurance premium. On January have a debit balance of: obthle nest year (after December 31 adjustments), the Prepaid Insurance account will A) $3,300, B) $3,900. C) $3,600. D) 53,000. 22. In the balance sheet, assets are classified as either current or long-term depending on their liquidity A) True. B) False. 23. The financial statements are prepared from the A) adjusted trial balance. B) chart of accounts. C) statement of owner's equity. D) unadjusted trial balance. 24. The ssets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year are called -assets. A) intangible B) plant C) long-term D) current 25. The financial statement that reports assets, liabilities, and owner's equity as of the last day of the period is called the: A) income statement B) statement of owner's equity. C) balance sheet. DJ unadjusted trial balance