Homework Answers
Answer to question.
8.) C.book value
Reason asset - depreciation= book value basic accounting
9.) A. Debit insurance expense $1800, credit prepaid insurance$1800
Reason expense from 1 july to 31 December (6month) = $3600*6/12= $1800
10.)d. Contra asset and expense
Reason accumulated dep. Is contra asset because it's set off against asset and where depreciation is charge against profit so it is expense.
Note: in the first image marking done by student is correct there is only need to write down it . Answers are correct.
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