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What are depreciation expense and accumulated depreciation

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Problem 1: Which of the following accounts would likely be included in an accrual adjusting entry?

a. Prepaid Rent

b. Interest Expense

c. Unearned Rent

d. Insurance Expense

Problem 2: What are Depreciation Expense and Accumulated Depreciation classified as, respectively?

a. Depreciation Expense is an expense; Accumulated Depreciation is a contra asset

b. Depreciation Expense is an asset; Accumulated Depreciation is an contra liability

c. Depreciation Expense is a contra asset; Accumulated Depreciation is an expense

d. Depreciation Expense is revenue; Accumulated Depreciation is an asset

Problem 3: What is the type of account and normal balance of Accumulated Depreciation?

a. It is an asset account and a credit balance.

b. It is a contra asset account and a debit balance.

c. It is an asset account and a debit balance.

d. It is a contra asset account and a credit balance.

Reference no: EM132568723

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