Multiple Choice
Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?
A) Debit Accumulated Depreciation and credit Income Summary
B) Debit Depreciation Expense and credit Income Summary
C) Debit Income Summary and credit Accumulated Depreciation
D) Debit Income Summary and credit Depreciation Expense
Correct Answer:
Verified
Correct Answer:
Verified
Q136: The current ratio shows the profitability of
Q143: The Accumulated Depreciation account is a permanent
Q146: Your Best Advisors, a service company, uses
Q149: The Prepaid Rent in the worksheet's unadjusted
Q150: Which of the following statements is true
Q153: An increase in the current ratio implies
Q153: The Owner's Name, Capital account is a
Q154: Which of the following steps must be
Q155: The amount of the Owner's Name, Withdrawals
Q156: The entries that transfer the revenue, expense,