Question 1

The Balance Sheet credit column of the work sheet would include which of the following account(s)?

Accepted Answer

A)  assets, drawing 
B)  expenses 
C)  accumulated depreciation, liabilities, capital 
D)  revenue 
A)  assets, drawing 
B)  expenses 
C)  accumulated depreciation, liabilities, capital 
D)  revenue

Question 2

The type of account and normal balance of Accumulated Depreciation are

Accepted Answer

A)  contra asset, debit. 
B)  asset, credit. 
C)  asset, debit. 
D)  liability, credit. 
E)  contra asset, credit. 
A)  contra asset, debit. 
B)  asset, credit. 
C)  asset, debit. 
D)  liability, credit. 
E)  contra asset, credit.

Question 3

Espanola Co. purchases equipment with a cost of $25,000 and a trade-in value of $4,000. Espanola Co. estimates that the equipment will have a useful life of 7 years. Assuming Espanola Co. has depreciated the equipment for a total of 4 years using the straight-line method, what is the book value of the equipment?

Accepted Answer

A)  $12,000 
B)  $13,000 
C)  $8,000 
D)  None of the answers listed 
A)  $12,000 
B)  $13,000 
C)  $8,000 
D)  None of the answers listed

The Balance Sheet credit column of the work sheet would include which of the following account(s)?

The type of account and normal balance of Accumulated Depreciation are

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters

Exam 4: Adjusting Entries and the Work Sheet

The Balance Sheet credit column of the work sheet would include which of the following account(s)?

The type of account and normal balance of Accumulated Depreciation are

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Employer Taxes, Payments, and Reports

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters