21) The estimated value of an item at the end of its useful life is:

A) depreciation expense.

B) residual value.

C) accumulated depreciation.

D) None of these answers are correct.

 

22) Accumulated Depreciation is found on which of the following financial statements?

A) Balance sheet

B) Income statement

C) Statement of Owner’s Equity

D) All of these answers are correct.

 

23) Depreciation Expense would be found on which of the following financial statements?

A) Balance sheet

B) Income statement

C) Statement of Owner’s Equity

D) Depreciation report

 

24) As accumulated depreciation is recorded, the book value:

A) increases.

B) decreases.

C) remains the same.

D) is closed out.

25) To record accrued salaries, you would:

A) debit Cash and credit Salaries Payable.

B) debit Salaries Payable and credit Salaries Expense.

C) debit Salaries Expense and credit Salaries Payable.

D) None of these answers are correct.

 

26) What type of account is Salaries Payable?

A) Asset

B) Expense

C) Liability

D) Owner’s equity

 

27) Unlimited Doors showed supplies available during the year of $1,900. A count of the supplies on hand as of October 31 is $800. The adjusting entry for Store Supplies would include:

A) a debit to Store Supplies Expense for $800.

B) a credit to Store Supplies Expense for $800.

C) a debit to Store Supplies for $1,100.

D) a debit to Store Supplies Expense for $1,100.

 

28) Alcatraz Boat Tours showed store supplies available during the year, $550. If at the end of the month supplies used were $200, the adjusting entry would include a:

A) debit to Supplies Expense for $200.

B) debit to Supplies Expense for $350.

C) credit to Supplies Expense for $200.

D) credit to Supplies Expense for $350.

29) Logan’s Snowboards estimated depreciation for office equipment at $250. The adjusting entry to record the depreciation would include:

A) a debit to Accumulated Depreciation for $250.

B) a credit to Depreciation Expense for $250.

C) a credit to Accumulated Depreciation for $250.

D) a credit to Office Equipment for $250.

 

30) Evans Golf Academy estimated depreciation on its building at $300. The adjusting entry for depreciation of the building would include:

A) a debit to Accumulated Depreciation for $300.

B) a debit to Depreciation Expense for $300.

C) a credit to Building for $300.

D) a credit to Depreciation Expense for $300.

 

 

 



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