1. Coffee Company had the following adjusting entries at the end of the year:Depreciation expense $5000Accrued salaries payable $3000Accrued revenues $1000 Prepaid rent - $1000 What is the net effect on the assets section of the balance sheet?a. $8000b. $4000c. ( $5000)d. ($4000)

1. Coffee Company had the following adjusting entries at the end of the year:Depreciation expense $5000Accrued salaries payable $3000Accrued revenues $1000 Prepaid rent - $1000 What is the net effect on the assets section of the balance sheet?a. $8000b. $4000c. ( $5000)d. ($4000)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Coffee Company had the following adjusting entries at the end of the year:Depreciation
expense - $5000Accrued salaries payable - $3000Accrued revenues - $1000Prepaid rent -
$1000 What is the net effect on the assets section of the balance sheet?a. $8000b. $4000c. (
$5000)d. ($4000)

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