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What the amount of the depreciation adjustment

Assignment Help Financial Accounting
Reference no: EM132908791

Problem 1: A contra-asset is

A) in reality a liability.

B) an asset with a debit balance.

C) an account with an opposite balance of a normal asset.

D) an account that increases the asset

Problem 2: As Prepaid Rent is used, the asset becomes a(n)

A) liability.

B) expense.

C) contra-asset.

D) revenue.

Problem 3: When historical cost is used to record equipment, it would appear as the

A) original cost on the balance sheet.

B) market value on the balance sheet.

C) residual value on the balance sheet.

D) original cost on the income statement.

Problem 4: Matt's Engineering purchased a truck for $60,000 with a residual value of $17,000 and a life expectancy of 8 years. Using straight-line depreciation, the amount of the depreciation adjustment for the first year would be?

A) $5,375.

B) $7,500.

C) $2,687.

D) $2,125.

Problem 5: Journalizing and posting closing entries.

A) to clear all temporary accounts to zero.

B) to update the Capital balance.

C) at the end of the accounting period.

D) All of the above are correct.

Reference no: EM132908791

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