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Which an example of a contra asset account is

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Reference no: EM132953435

Problem 1: An example of a contra asset account is

A) Accumulated depreciation.
B) Depreciation expense.
C) Gain on sale of land
D) Prepaid expenses.

Problem 2: Which of the following accounting records is in chronological order?

A) the chart of accounts
B) the general journal
C) the general ledger
D) the statement of income

Problem 3: Which of the following would be the adjusting entry to record accrued interest on a loan made to the business at the end of an accounting period?

A) Dr. Interest expense, Cr. Cash
B) Dr. Interest expense, Cr. Interest payable
C) Dr. Interest payable, Cr. Interest income
D) Dr. Interest payable, Cr. Cash

Reference no: EM132953435

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