Which one of the following is true as it relates to the Accumulated Depreciation account? It is a contra account It is offset against an asset account on the income statement. It is an operating expense. It represents the portion of the cost of a long-lived asset that has been allocated as a cost during the current accounting period The Cash account balance of Windsor, Inc. at July 1 is $ 430. The total of the debit entries to the Cash account amounted to $ 1290 and the total of the credit entries to the Cash account amounted to $ 1290 during July. At the end of the month, the Cash account has a $ 1290 credit balance $ 1720 debit balance. $430 debit balance. $430 credit balance What is the purpose of recording depreciation on plant assets? To allocate the cost of the asset to expense in the accounting periods in which the asset was used to generate revenue To adjust the asset amount on the balance sheet to fair value To provide funds for the replacement of the asset when it reaches the end of its useful life To properly apply the cost principle