ASAP answer the subquestions As the usefulness of the property and equipment asset account of an entity expires,A liability is createdO A related expense account is reducedO The cost of the asset is allocated to an expense accountO An amount is transferred from one asset to another asset accountWhich of the following accounts would probably need to be adjusted at year end?O Notes PayableO SsuppliesWithdrawalsO Land

Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in…

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

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 7QY: Accumulated Depreciation, Equipment is reported a. on the income statement as an expense. b. on the...

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Question

ASAP answer the subquestions

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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