Homework Answers
Answer) as a contra-asset on the Balance Sheet
Explanation:
Accumulated depreciation is the total amount of an Asset's cost allocated to depreciation expense since it was put into use.
So, it is the accumulated balance of depreciation, which is neither a liability, asset or owner's equity and is classified as a contra-asset, i.e reduction from the asset's original cost.
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Accumulated depreciation will show on the balance sheet: Accumulated depreciation will show on the balance sheet...
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explanation, just want to check my answer)
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Accumulated depreciation will show on the balance sheet:
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If the beginning balance of the Accumulated Depreciation Equipment account is $10,000 and an adjusting journal entry is recorded for depreciation on the equipment for $2,500, the balance of the accumulated depreciation account after the entry is recorded will be Once the adjusted trial balance is balanced, it can be used to prepare O a. the dassified balance sheet and the income statement only. b. the classified balance sheet only. 1 c. the income statement, the statement of owner's equity,...
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explanation, just want to check my answer)
J. Tren Worksheet Month Ended May 31, 201X Trial Balance | Adjustments Adjusted Trial Balance | Income Statement Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Balance Sheet Dr. Cr. Account Titles Cash Accounts Receivable Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable J. Tren, Capital J. Tren, Withdrawals Revenue from Clients Rent Expense...
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