A residual value b book value c depreciation expense

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Accounting Exam 7

Question 8   of 40 2.5 / 2.5 Points It 's the end of the accounting period and no electric bill has been received ( but the expense has been incurred . ; you should record an entry that __ _ _ ______.
A. increases the total assets and increases the total expenses
B. decreases the total assets and increases the total expenses
C. increases the total liabilities and increases the total expenses
D. decreases the total liabilities and increases the total expenses
Answer:  C .   increases the total liabilities and increases the total expenses
Question 9   of 40 2.5 / 2.5 Points The cost of an asset less accumulated depreciation equals __________.
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Question 12   of 40 2.5 / 2.5 Points If the balance of supplies at the start of the month was $ 900 and at the end of the month you had $ 450 on hand , the adjustment for Supplies would be __________.
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A. residual value
B. book valueC. depreciation expenseD. None of the above answers are correct.
Question 10 of 402.5/ 2.5 PointsThe entry to record the expiration of part of the prepaid rent will __________.
Question 11 of 400.0/ 2.5 PointsThe adjusted trial balance columns __________.
Question 12 of 402.5/ 2.5 PointsIf the balance of supplies at the start of the month was $900 and at the end of the month you had$450 on hand, the adjustment for Supplies would be __________.
Question 13 of 402.5/ 2.5 PointsThe adjustment to record supplies used during the period would be __________.A. debit Supplies; credit Supplies ExpenseB. debit Supplies Expense; credit CashC. debit Supplies Expense; credit SuppliesD. debit Supplies; credit Cash
Question 14 of 400.0/ 2.5 PointsWhich of the following would cause a contra-asset to be credited and an expense debited?
Question 15 of 400.0/ 2.5 Points
The capital balance amount shown in the balance sheet column of the worksheet represents __________.
Question 16 of 402.5/ 2.5 PointsWhen historical cost is used in the accounting records, the book value of the asset is __________.
Question 17 of 400.0/ 2.5 PointsWhich of the following would cause total assets to decrease and total expense to increase?A. recording the depreciation of equipmentB. recording the consumption of suppliesC. recording the expiration of prepaid rent
D. All of the above would have that effect.
Question 18 of 402.5/ 2.5 PointsIf Prepaid Rent for the period is not adjusted __________.
Question 19 of 400.0/ 2.5 PointsAt the start of this year 18 months’ rent was paid. At the year's end, how will this affect the balance sheet?

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