Unformatted text preview: 7. C They equal 750 on each side. 8. C Adjustments for prepaid decrease assets and increase expenses. 9. A Accumulated Depreciation is a contra asset account. 10. C Depreciation expense is debited 1000, delivery equipment is credited 1000. 11. A Adjustments for unearned revenues decrease liabilities and increase revenues. 12. B Adjustments for accrued revenues have an asset and revenues account relationship. 13. B Salaries expense is debited 400 and salaries payable is credited 400. 14. C Adjusted trial balances lists the account balances as deferrals or accruals. 15. A Debit supplies 800 and credit supplies expense 800....
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- Spring '11
- Depreciation, Generally Accepted Accounting Principles, Time Period Assumption, artificial time periods, Brittney Acevedo Professor Abatemarco, period assumption states