Answered: What account will not be found in the…

What account will not be found in the trial balance of a company using cash basis of accounting? * A. sales B. accrued expenses C. insurance expense D. depreciation expense E. answer not given

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 8DQ

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Question

What account will not be found in the trial balance of a company using cash basis of accounting? *
A. sales
B. accrued expenses
C. insurance expense
D. depreciation expense
E. answer not given

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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