Post the adjustments to T-accounts. (Post entries in the order of journal entries presented in the previous part.)
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- 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, CreditAccumulated 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.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
- Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000Which 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 aboveWhen 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 did they get the depreciation expense and the accumulated depreciation equipment amount on the journalize adjusting entryDepreciation expense is a line account found in an account found in an SCI prepared following the multi-step format. True or FalseThe 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 revenue
- The adjusting entry to record the depreciation of a building for the fiscal period is a.debit Accumulated Depreciation; credit Depreciation Expense. b.debit Depreciation Expense; credit Accumulated Depreciation. c.debit Building; credit Depreciation Expense. d.debit Depreciation Expense; credit Building.Which account is debited and credited in the adjusting entry to allocate the cost of equipment? A) Debit Accumulated Depreciation - Equipment; Credit Depreciation Expense - Equipment B) Debit Accumulated Depreciation - Equipment; Credit Equipment C) Debit Depreciation Expense -Equipment; Credit Equipment D)Debit Depreciation Expense - Equipment; Credit Accumulated Deprecation - EquipmentThe estimated amount of depreciation on equipment for the current year is $6,475. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.