Accounting Questions?
Hi, I am not sure about the answers of following question, please also give a short explanation.
1. Which of the following accounts probably would want to be adjusted at year-end?
a. Supplies
b. Land
c. Dividends
d. Notes Payable
2. Expenses are incurred:
a. lone during the adjustment process.
b. to produce assets.
c. to reduce liability.
d. to generate revenue.
3. The adjusting entry to journal depreciation of equipment is
a. debit Accumulated Depreciation, Equipment, credit Depreciation Expense Equipment.
b. debit Depreciation Expense, Equipment, credit Equipment
c. debitEquipment, credit Accumulated Depreciation
d. debit Depreciation Expense, Equipment, credit Depreciation Payable
e. none of the above
4. The type of account and run of the mill balance of Accumulated Depreciation is:
a. contra asset, debit
b. asset, credit
c. asset, debit
d. contra asset, credit
Answers: 1. D supplies, arrive and notes paayble are used to as they are incurred or purchased during the year .
Where as ,the profit for the year has to be calculated in the past a dividend is declared at year end .
2..hmmmm
3.depreciation of equpment results within the followin
* equipment account is credited to show that the depreciation have lowered the value of the asset
* accumulate depreciation is credited with an increase within depreciation.
*depreciation expense is debited next to the current depreciation expense
4.accumulated depreciaition is a contra asset near a credit balance
1. c. Dividends
2. I would own to say c. to drop off liabilities, none of the other answers create any sense.
3. c. debit equiment, credit accumulated depreciation.
4. d. contra asset, credit
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1. Which of the following accounts probably would want to be adjusted at year-end?
a. Supplies
b. Land
c. Dividends
d. Notes Payable
2. Expenses are incurred:
a. lone during the adjustment process.
b. to produce assets.
c. to reduce liability.
d. to generate revenue.
3. The adjusting entry to journal depreciation of equipment is
a. debit Accumulated Depreciation, Equipment, credit Depreciation Expense Equipment.
b. debit Depreciation Expense, Equipment, credit Equipment
c. debitEquipment, credit Accumulated Depreciation
d. debit Depreciation Expense, Equipment, credit Depreciation Payable
e. none of the above
4. The type of account and run of the mill balance of Accumulated Depreciation is:
a. contra asset, debit
b. asset, credit
c. asset, debit
d. contra asset, credit
Answers: 1. D supplies, arrive and notes paayble are used to as they are incurred or purchased during the year .
Where as ,the profit for the year has to be calculated in the past a dividend is declared at year end .
2..hmmmm
3.depreciation of equpment results within the followin
* equipment account is credited to show that the depreciation have lowered the value of the asset
* accumulate depreciation is credited with an increase within depreciation.
*depreciation expense is debited next to the current depreciation expense
4.accumulated depreciaition is a contra asset near a credit balance
1. c. Dividends
2. I would own to say c. to drop off liabilities, none of the other answers create any sense.
3. c. debit equiment, credit accumulated depreciation.
4. d. contra asset, credit