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accumulated depreciation equipment amount on the journalize adjusting entry

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section15.3: Adjusting Accumulated Depreciation

Problem 4AYU

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How did they get the depreciation expense and the accumulated depreciation equipment amount on the journalize adjusting entry

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Which of the following is the adjusting entry for depreciation on Equipment? Debit Depreciation Expense, Equipment and credit Equipment Debit Equipment and credit Depreciation Expense, Equipment Debit Depreciation Expense, Equipment and credit Accumulated Depreciation, Equipment Debit Accumulated Depreciation, Equipment and credit Depreciation Expense, Equipment None of the above
What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to Cash
On the work sheet, Accumulated Depreciation, Equipment would be recorded in which of the following columns? a. Adjusted Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Income Statement, Credit
Accumulated Depreciation, Equipment is reported a. on the income statement as an expense. b. on the balance sheet as an addition to total assets. c. on the income statement as a revenue. d. on the balance sheet as a subtraction from the related asset account.
When 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: Equipment
How do you journalize and post an adjusting entry for depreciation and determining book value?
What would be the adjusting entry to record depreciation each period? a. Debit Accumulated Depreciation, Credit Depreciation Expense. b. Debit Depreciation Expense, Credit Equipment. c. Debit Equipment Expense, Credit Equipment. d. Debit Depreciation Expense, Credit Accumulated Depreciation.
The entry to record depreciation includes a debit to the ________ account. A. Depreciation Expense B. Cash C. Equipment D. Accumulated Depreciation
Explain the accounting treatment and disclosures required when a change is made in depreciation method.
Accumulated depreciation, equipment is reported: Select one: On the balance sheet as a subtraction from the related asset account On the income statement as an expense On the balance sheet as an addition to total assets On the income statement as revenue
What type of assets requires adjusting entries to record depreciation?
Which financial statement does depreciation expense go on? Thank you!