On October 21,2018,Xit Company bought a new delivery truck for $30,000.In calculating depreciation expense for the year ended December 31,2018,Xit's accountant will assume that the truck was purchased on:
A)November 1,2018.
B)October 1,2018.
C)October 21,2018.
D)January 1,2019.

Question

Quizplus · Accepted Answer

Accountants typically assume the assets were purchased at the beginning of the month nearest to the actual purchase,which,in this case,is November 1.

On October 21,2018,Xit Company Bought a New Delivery Truck for $30,000.In