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please answer all the question 12, 13, 14, 15
12. In the recording of depreciation expense, which account is credited? 13. What does accumulated depreciation represent? 14
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12. Accumulated Depreciation is credited

Entry for Depreciation expense

Debit - Depreciation  

Credit - Accumulated Depreciation

13. Accumulated Depreciation represents the Depreciation of the asset since the date of Asset is purchased. In other words it is the cumulative depreciation of every year depreciation charged to profit and loss account.

14. Book value of Asset = Original Purchase Cost - Accumulated Depreciation. It represents the net book value of the asset.

15. Deferred Revenue refers to the revenue received for the future period and work not yet performed

For example, If in January an Advertising company received $40,000 for work to be performed in March the advance received will be accounted as Deferred Revenue by debiting Cash and crediting Deferred Revenue Account

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