As the usefulness of the property and equipment asset account of an entity expires, O A liability is created O A related expense account is reduced O The cost of the asset is allocated to an expense account An amount is transferred from one asset to another asset account
As the usefulness of the property and equipment asset account of an entity expires, O A liability is created O A related expense account is reduced O The cost of the asset is allocated to an expense account An amount is transferred from one asset to another asset account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:As the usefulness of the property and equipment asset account of an entity expires,
A liability is created
O A related expense account is reduced
O The cost of the asset is allocated to an expense account
O An amount is transferred from one asset to another asset account
Which of the following accounts would probably need to be adjusted at year end?
O Notes Payable
O Ssupplies
Withdrawals
O Land
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