Answer) option c Accumulated Depreciation Accumulated Depreciation is a contra asset account and is subtracted from the asset historical cost to calculate its book value |
Which of the following is a contra account? O A. Unearned Revenue O B. Depreciation Expense...
Which of the following is considered a "contra" account? Multiple Choice O Deferred Revenue. O Goodwill. O Accumulated Depreciation. O Cost of Goods Sold.
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
Which of the assets does not match with the correct contra account? Select one: O a. Intangibles and Accumulated Amortization b. Property, Plant and Equipment and Accumulated Depreciation O c. Accounts Receivable and Bad Debt Expense O d. Inventory and Provision for Obsolescence
1. Unearned Rent Revenue is a. a contra account to Rent Revenue. b. a revenue account. c. reported as a current liability. d. debited when rent is received in advance. 2. The interest charged on a $200,000 note payable, at the rate of 8%, on a 90-day note would be a. $16,000. b. $8,888. c. $4,000. d. $1,333. 3. A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales....
Soru 14 Which of the following correctly describes the unearned revenue account? Yanitiniz: O The unearned revenue account represents revenue that has been collected, but not yet earned O The unearned revenue account represents revenue that has been earned and collected The unearned revenue account represents revenue that has been earned, but not yet collected O The unearned revenue account represents revenue that has neither been earned nor collected Yaniti temizle Geri Sonraki
An example of a contra - account would be Accumulated Depreciation. O O True False
32. Which of the following accounts is classified as a contra revenue account? A) Sales Revenue B) Cost of Goods Sold C) Sales Returns and Allowances D) Purchase Discounts 33. Ron's Quik Shop bought equipment for $70,000 on January 1, 2013. Ron estimated the useful life to be 5 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2014, Ron decides that the business will use the equipment for a total of...
Calculator Accumulated depreciation is a(n): a. contingent asset. Ob. accrued expense. Oc. contra asset. Od. revenue expenditure. Calculator St. Nick Corporation's Toy-Making Supplies account showed a beginning balance of $200 and s Supplies Expense for: Oa. $400. Ob. $800. Oc. $1,000. Od. $600.
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
The Cost of Goods Sold account is classified as a(n) Select one a Contra revenue account b. Asset account O C. Expense account O d. None of the above e Liability account