Matheson Autobody purchased a car jack for $10,000 on July 1. The estimated useful life of the car jack is 5 years. If the financial statements are prepared on December 31, Matheson should make the following adjusting journal entry:
A) debit Depreciation Expense, $1,000, credit Accumulated Depreciation, $1,000.
B) debit Depreciation Expense, $10,000, credit Accumulated Depreciation, $10,000.
C) debit Depreciation Expense, $2,000, credit Accumulated Depreciation, $2,000.
D) debit Machinery, $1,000, credit Accumulated Depreciation, $1,000.
Correct Answer:
Verified
Q47: Adjusting entries can be classified as
A)postponements and
Q72: Prepaid expenses are
A)paid and recorded in an
Q78: Accumulated Depreciation is a(n)
A)expense account.
B)shareholders' equity account.
C)liability
Q83: Singh Inc. purchased office supplies costing $2,500
Q85: On July 1, Summer Store paid $6,000
Q87: The Town Laundry purchased $5,500 worth of
Q89: The balance in the Prepaid Rent account
Q95: If a business has received cash in
Q98: The Sayonara Corporation purchased a notebook computer
Q106: Accrued expenses are
A)paid and recorded in an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents