Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 4, Problem 14MC
What
A. a debit to Depreciation Expense; a credit to Cash
B. a debit to
C. a debit to Depreciation Expense; a credit to Accumulated Depreciation
D. a debit to Accumulated Depreciation; a credit to Cash
Expert Solution & Answer
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Students have asked these similar questions
Which of the following is the correct journal entry to record
depreciation expense?
Debit Equipment
Credit Depreciation Expense
Debit Depreciation Expense
Credit Cash
Debit Depreciation Expense
Credit Accumulated Depreciation
Debit Accumulated Depreciation
Credit Depreciation Expense
Select the correct entry to adjust the unadjusted trial balance for
depreciation expense.
Select one:
O a. Debit to Depreciation Expense and a Credit to Accumulated Depreciation
O b. Debit to Equipment and a credit to accumulated depreciation
O c. Debit to Accumulated Depreciation and a credit to Depreciation Expense
O d. Debit to Cash and a Credit to Accumulated Depreciation
The entry to record depreciation includes a debit to the ________ account.
A.
Depreciation Expense
B.
Cash
C.
Equipment
D.
Accumulated Depreciation
Chapter 4 Solutions
Principles of Accounting Volume 1
Ch. 4 - Which of the following is any reporting period...Ch. 4 - Which of the following is the federal, independent...Ch. 4 - Revenues and expenses must be recorded in the...Ch. 4 - Which of the following breaks down company...Ch. 4 - Which of the following is a twelve-month reporting...Ch. 4 - Which type of adjustment occurs when cash is...Ch. 4 - Which type of adjustment occurs when cash is not...Ch. 4 - If an adjustment includes an entry to a payable or...Ch. 4 - If an adjustment includes an entry to Accumulated...Ch. 4 - Rent collected in advance is an example of which...
Ch. 4 - Rent paid in advance is an example of which of the...Ch. 4 - Salaries owed but not yet paid is an example of...Ch. 4 - Revenue earned but not yet collected is an example...Ch. 4 - What adjusting journal entry is needed to record...Ch. 4 - Which of these transactions requires an adjusting...Ch. 4 - What critical purpose does the adjusted trial...Ch. 4 - Which of the following accounts balance would be a...Ch. 4 - On which financial statement would the Supplies...Ch. 4 - On which financial statement would the Dividends...Ch. 4 - On which financial statement would the Accumulated...Ch. 4 - On which two financial statements would the...Ch. 4 - Describe the revenue recognition principle. Give...Ch. 4 - Describe the expense recognition principle...Ch. 4 - What parts of the accounting cycle require...Ch. 4 - Why is the adjusting process needed?Ch. 4 - Name two types of adjusting journal entries that...Ch. 4 - Are there any accounts that would never have an...Ch. 4 - Why do adjusting entries always include both...Ch. 4 - Why are adjusting journal entries needed?Ch. 4 - If the Supplies account had an ending balance of...Ch. 4 - When a company collects cash from customers before...Ch. 4 - If the Prepaid Insurance account had a balance of...Ch. 4 - If adjusting entries include these listed...Ch. 4 - What is the difference between the trial balance...Ch. 4 - Why is the adjusted trial balance trusted as a...Ch. 4 - Indicate on which financial statement the...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - The following accounts were used to make year-end...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Reviewing payroll records indicates that employee...Ch. 4 - Supplies were purchased on January 1, to be used...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company A adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - Identify whether each of the following...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by the needed...Ch. 4 - Reviewing insurance policies revealed that a...Ch. 4 - On September 1, a company received an advance...Ch. 4 - Reviewing payroll records indicates that one-fifth...Ch. 4 - On July 1, a client paid an advance payment...Ch. 4 - Prepare journal entries to record the business...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - From the following Company B adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information: A. make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for Salaries...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company W information, prepare...Ch. 4 - From the following Company Y adjusted trial...Ch. 4 - Identify whether each of the following...Ch. 4 - To demonstrate the difference between cash account...Ch. 4 - Identify which type of adjustment is indicated by...Ch. 4 - Identify which type of adjustment is associated...Ch. 4 - Indicate what impact the following adjustments...Ch. 4 - What two accounts are affected by each of these...Ch. 4 - Using the following information, A. Make the...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Use the following account T-balances (assume...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Prepare journal entries to record the following...Ch. 4 - Determine the amount of cash expended for...Ch. 4 - Prepare adjusting journal entries, as needed,...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Prepare an adjusted trial balance from the...Ch. 4 - Using the following Company X information, prepare...Ch. 4 - From the following Company Z adjusted trial...Ch. 4 - Assume you are the controller of a large...Ch. 4 - Assume you are employed as the chief financial...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.arrow_forwardWhat does the credit balance in the Accumulated Depreciation account represent?arrow_forwardIf an adjustment includes an entry to Accumulated Depreciation, which type of adjustment is it? A. accrual B. deferral C. estimate D. cullarrow_forward
- what type of account accumulated depreciation? and depreciation expense is and on what statement each account goes?arrow_forwardInstruction: Fill in the blank on the type/nature of the adjustment or the pro-forma entry of the adjustment on the following: 1. The pro-forma adjusting entry to record the interest expense during the reporting period. 2. The expense account used to record the decline in value of assets due to wear and tear. 3. The pro-forma entry to record the estimated accounts that are uncollectible using the allowance method. 4. The expense account used for accounts that could not be collected to bring this account to its net realizable value. 5. The pro-forma entry to record the expense representing the uncollected accounts from customers using the direct method.arrow_forwardHow do you journalize and post an adjusting entry for depreciation and determining book value?arrow_forward
- Pauly Corporation owns 70% of Shore Company's outstanding common stock. On 01/01/20, Pauly sold a used piece of equipment to Shore in exchange for $271,000 cash. Pauly's original cost of the equipment was $837,000 and accumulated depreciation at 01/01/20 was $635,000. The remaining life of the equipment is 10 years, and Shore will use that same useful life. Both companies use the straight-line method of depreciation. REQUIRED: ANSWER THE FOLLOWING QUESTIONS RELATED TO THE REQUIRED YEAR-END CONSOLIDATION ENTRY: NOTE: BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. DEBIT TO 'GAIN ON SALE' IN THE AMOUNT OF:arrow_forwardThe journal entry to record depreciation expense is: A. debit the asset account, credit Accumulated Depreciation. O B. debit Accumulated Depreciation, credit the asset account. C. debit Depreciation Expense, credit the asset account. OD debit Depreciation Expense, credit Accumulated Depreciation.arrow_forwardWhen recording the depreciation of equipment in a journal entry using the straight-line method, what accounts are typically involved? A) Debit: Accumulated Depreciation; Credit: EquipmentB) Debit: Equipment; Credit: Depreciation ExpenseC) Debit: Accumulated Depreciation; Credit: Depreciation ExpenseD) Debit: Depreciation Expense; Credit: Equipmentarrow_forward
- The entry to record depreciation is an example of an adjusting entry: a. to apportion a recorded cost C. To record unrecorded expense b. to apportion unearned revenue D. To record unrecorded revenuearrow_forwardWhat is the difference between Accumulated Depreciation and Depreciation expense? What statements do both appear on? What account are they on? Do they have a DR or CR balance?arrow_forwardQuestion. Where Are Depreciation Expenses Reflected in a Financial Statement?arrow_forward
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