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12.The fifth pair of columns on a 10-column work sheet prepared at the end of the period would be thea.Income Statement columns.b.Adjustments columns.c.Balance Sheet columns.d.Adjusted Trial Balance columns.ANS:CDIF:EasyOBJ:LO 5-2MSC:AACSB Communication13.Supplies originally cost $500, but only $150 worth of supplies were used this period. The adjusting entry would be14.Net income is shown on the work sheet as a
15.Owner's equity at the start of the period is $35,000; net income for the period is $30,000; the total investments by the owner is $15,000; and total withdrawals by the owner is $5,000. The owner's equity at the end of the period is16.What does the credit balance in the Accumulated Depreciation account represent?a.the cost of additional equipment purchased this yearb.the amount of depreciation taken in past yearsc.the cost of existing equipment sold during the yeard.the amount of depreciation taken in the current yearANS:BDIF:EasyOBJ:LO 5-1MSC:AACSB Communication
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Depreciation,Generally Accepted Accounting Principles,AACSB Communication