The accumulated depreciation account has a credit balance. It is a contra-account, meaning it reduces the value of an asset account. To record depreciation expense, a corporate accountant debits the depreciation expense account and credits the accumulated depreciation account. As a contra-account, ac...
Cash a. Debit b. Credit c. Not applicable General Ledger Accounts: Every general ledger account is categorized as an asset, liability, equity, revenue, or expense account. The normal account balance assigned to each account then depends on this classification. Answer and Explanation: Cash has a...
The sum of all of the debit items in the balance of payments ( ). A. Equals the overall balance B. Equals the sum of all credit items C. Equals “compensating” transactions D. Equals the sum of credit items minus errors and omissions 相关知识点: 试题来源: 解析 B 反馈 收藏 ...
True or False: Prepaid expense and unearned income accounts are assets. True or False: The amount of depreciation added to net income equals the sum of the debits to the Accumulated Depreciation account. Depreciation Expense will not appear on the post-closing trial bal...
credits the accumulated depreciation account for the same amount. The new equipment’s value decreases to $900,000, or $1 million minus $100,000. Using a similar approach, the equipment’s book value is zero at the end of the tenth year. Accumulated depreciation at that time equals $1 ...
The debit and credit parts of an entry must be equal for the accounting equation to be in balance. Net earnings are generally considered gross expenses minus liabilities. True False Retained earnings at the end of the period are equal to retained earnings at the beginning of t...
Answer to: Net income is shown on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column. a. True. b. False. By...
The cost of an asset less accumulated depreciation equals: A. book value B. residual value C. depreciation expense D. none of the above What is an asset that will be assigned to expense at a later date called? Does the cost of a depreciable asset minus the accumulated depreciati...
True or false: Net sales minus cost of goods sold is called gross profit. The Income Statement is prepared first because the Net Income amount is a line item on the Balance Sheet. True False Expense accounts are closed by posting a credit to each expense account ...