Which of the following accounts carries a credit balance (the plus sign is on the right for its T account)? Check All That Apply Sales discount Goodwill Bad debt expense Accumulated depreciation Impairment loss Which of the following correctly describes the depreciation process? Multiple Choice The journal entry to record depreciation debits depreciation expense and credits plant, property and equipment (PP&E), Recording depreciation and testing an asset for impairment will achieve the same net book value for the asset a company fails to record depreciation expense, the company's net income will be understated and its contra-assets will be overstated. O Recording accumulated depreciation will align an asset's net book value to its fair market value. O Each reporting period, total assets decrease and an expense is incurred